Heritage Foundation fellow Stephen Moore, who helped develop President Donald Trump's 2016 tax proposals, said he has got several tax plan ideas for the president's 2020 campaign, including an idea to drop the middle-income tax rate to as low as 15%.
He acknowledged to The Hill his ideas are "more of a campaign plan," Trump would be able to promote while showing a contrast with Democrats, who are floating ideas such as Sen. Elizabeth Warren's, D-Mass., Medicare for All healthcare plan that comes with a price tag totaling trillions of dollars.
Moore said he has pitched several ideas to the president's re-election campaign, including a plan to consolidate the number of tax brackets from seven to three or four, and another plan that would provide tax-free savings accounts targeted for the middle class.
He also said he has proposed an idea that would allow people to get out of paying capital gains taxes if they sell an investment and use the proceeds to buy new stock.
Trump is expected to unveil a new tax package before the 2020 election. His tax-cut law in 2017 did not become popular, as polls showed voters saw it as mainly benefiting the wealthy and corporations, and Democrats are campaigning on rolling it back.
Moore said National Economic Council Director Larry Kudlow also likes the thought of consolidating tax brackets, a part of the 2016 campaign plan they worked on together.
According to The Washington Post, Trump's economic advisers are considering a 15% tax rate. The current brackets range from 12% to 37%, and the IRS recently said the 22% bracket will apply to single filers earning $40,000 to $86,000.
Kudlow would not comment to the Post about the tax ideas the administration is considering, but did say Trump "wants to afford as much relief and simplicity as possible for middle-income taxpayers."