U.S. President Donald Trump said the administration was studying a tax cut for middle-income earners that could be rolled out some time around the beginning of November, just before pivotal congressional elections, Reuters reports.
Trump mentioned the proposed tax cut in the same week the U.S. government ended the 2018 fiscal year with a $779 billion deficit, the Treasury Department said on Monday, as previous Republican-led tax cuts squeezed revenues. The deficit figure was the highest in six years.
“We’re looking at putting in a very major tax cut for middle-income people,” Trump told reporters before boarding Air Force One following a rally in Elko, Nevada.
When asked about timing for the unveiling of the tax cuts, Trump said “sometime around the first of November, maybe a little before.”
Americans will vote Nov. 6 in elections in which Trump’s fellow Republicans will try to hold on to their majorities in the Senate and House of Representatives.
The median household income in the United States was about $55,000 in 2016, according to the U.S. Census Bureau.