US President Donald Trump says he could launch a large tax cut for middle-income people before the Nov. 6 election.
The 72-year-old revealed the plan on Saturday as he prepared to board Air Force One after a rally in Elko, Nevada.
But the businessman turned politician says that the measure is not necessarily to benefit business owners.
US President Donald Trump revealed that a new tax plan would come in November as he prepared to board Air Force One after a rally in Elko, Nevada, on Saturday.
Instead, the changes are designed to help those with a more modest salary.
"We are going to be working and we are studying very thoroughly at this moment, 24 hours a day, a big tax cut for middle-income people," Trump told reporters. & # 39; It is not for business at all. For people of average income.
In December, Trump signed the largest tax review since the 1980s until it became law. The corporate rate was reduced from 35 percent to 21 percent.
It was also a temporary relief for most individual taxpayers.
Businessman turned politician said the measure is not to benefit business owners.
"Now the last one was for middle income and for business, and our business is now coming back because of it," he continued.
He added that the Republican representative for Texas and the 54th President of the House of Representatives of the United States made sure that it happened.
Trump continued: "But we're watching – Kevin Brady is working on that. Paul Ryan is working. We are all working on it. And we are facing a significant tax cut for middle-income people who need it. "
The average household income in the country was approximately $ 55,000 in 2016, according to the United States Census Bureau.
Trump said before returning to Washington DC that the new taxes could be revealed "sometime around the first of November & # 39;
Trump added, before returning to Washington DC, that the new taxes could be revealed sometime around the first of November, perhaps a little earlier, but no more details were shared.
The Treasury Department said Monday that the US government ended fiscal year 2018 with a deficit of $ 779 billion this week.
Reuters reported that the deficit figure was the highest in six years.
However, it will be a difficult task to draw up a plan before the elections, since lawmakers will not return to the session until November 13.
Trump will present a budget proposal for the fiscal year 2020 to Congress in early 2019.
He told his Cabinet to find out how to reduce the spending of their agencies by 5 percent and suggested that the army is not subject to the rule.