Treasury Secretary Steven Mnuchin said the Trump administration will consider another round of tax cuts in 2020 and insisted the U.S. economy is strong.
“We’ll be looking at tax cuts 2.0, something that will be something we’ll consider next year,” Mr. Mnuchin said Monday on the White House lawn. “But right now, the economy is in very, very good shape.”
White House economic adviser Larry Kudlow said last month another tax cut — which would include lower individual tax rates and business rates — could be enacted before the 2020 election.
President Trump promised last month that if Republicans take the House, Senate and presidency in 2020, “one of our first acts will be to approve a major middle income Tax Cut!”
“Democrats only want to raise your taxes!” he tweeted.
Mr. Mnuchin reassurances on the economy come as many have voiced concerns about a recession on the horizon.
An ABC News/Washington Post poll released Tuesday found 46% of respondents approve of the nation’s economic progress under Mr. Trump, down from 51% in July. Additionally, 60% of Americans said they thought a recession within the next year was “very likely” or “somewhat likely.”
Mr. Trump and his administration have blamed these fears on the media and accused Democrats of hoping for a recession to damage Mr. Trump heading into 2020.