National Economic Council Director Larry Kudlow, a top economic advisor to President Donald Trump, said Wednesday that the White House plans to unveil a plan for additional tax cuts later in 2020.

"I am still running a process of Tax Cuts 2.0. We're many months away – it'll come out sometime later during the campaign," Kudlow told CNBC. "Tax Cuts 2.0 to help middle-class economic growth: That's still our goal."

"I had a tremendous meeting with my friend Kevin Brady, who will undoubtedly be the new chairman of the House Ways and Means Committee," he added. "But we will unveil this perhaps sometimes later in the summer."

As one of the Trump administration's biggest victories of the president's first term in office, the 2017 Tax Cuts and Jobs Act lowered the U.S. corporate tax rate to 21% and cut rates for closely held businesses. The legislation effectively allowed businesses to keep more of what they deliver in profits, an outcome that proponents say will continue to drive job growth and investment.