US President Donald Trump will engage in further tax cuts if he gets re-elected in the November election, while building on the Tax Cuts and Jobs Act of 2017, said Acting White House Chief of Staff Mick Mulvaney.
“We need to do the second part of the tax bill. We really do,” Xinhua news agency quoted Mulvaney as saying at the annual Conservative Political Action Conference on Friday.
Mulvaney said Trump plans to slash the corporate tax rate from 21 per cent set in the 2017 law to 20 per cent.
The official also said the White House is inclined toward eternalizing the parts of the 2017 law that have expiration dates.
Most of the tax cuts for individuals expire after 2025.
The Trump administration has reportedly been mulling for months a new tax cut proposal, one that he could campaign on in the upcoming presidential election.