White House plans to release new tax cut proposal this summer

The White House is aiming to roll out a proposal in the coming months to make permanent the tax cuts for individuals passed in last year’s Tax Cuts and Jobs Act.

White House Director of Legislative Affairs Marc Short said on Friday that his team has been working with House Ways and Means Committee Chairman Kevin Brady (R-Texas) and the Senate Finance Committee on the proposal. 

He told reporters in a conference call that the White House is hoping to unveil the plan “toward the end of summer.”

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The signature tax measure passed by Republicans in December permanently slashed the corporate tax rate from 35 percent to 21 percent and cut tax rates for individuals for eight years. 

Short acknowledged on Friday that the White House had achieved many of its goals on corporate tax reform, but had work to do to cement the individual tax cuts. 

He declined to speak about what else might be in the tax package besides extending the individual tax cuts, saying that he didn’t want to “get ahead of our team from [the National Economic Council] and Treasury.”

“There’s more that we’d like to do and we’ll be unveiling that,” he said.