Acting White House chief of staff Mick Mulvaney claimed on Friday that President Trump is considering further cuts to the corporate tax rate.
“[Trump] never liked the fact the corporate tax is 21 percent, he always wanted it to be 20,” Mulvaney said at the Conservative Political Action Conference. “‘Mick, 20 is a better number than 21,'” he added while doing an impression of the president.
Mulvaney also said the Trump administration may add a proposal to track capital gains taxes for inflation to a raft of tax-cuts.
“You and I have been working closely on indexing capital gains for inflation, we’ve talked about that,” Mulvaney told Heritage Foundation fellow Stephen Moore at a panel discussion. “There’s a bunch of stuff in the first [tax] package that were temporary. We need to make those permanent.”
When asked what the president’s priorities would be if elected to a second term, Mulvaney responded “We need to do the second part of the tax bill. We really do, Tax Cuts 2.0.”
The Trump administration was able to pass its original tax-cut legislation, the Tax Cuts and Jobs Act, in 2017. The legislation lowered tax rates for individuals and businesses while eliminating personal exemptions, in addition to eliminating penalty enforcement for the individual mandate of the Affordable Care Act.
“The goal of my administration is for every American to know the dignity of work, the pride of a paycheck, and the satisfaction of a job well done,” Trump said while garnering support for the legislation.
Those tax-cuts may have had a more limited effect on Americans’ taxes than originally thought.