Making an audacious pre-midterm promise, President Trump told reporters in Nevada on Saturday that he is working with Republican congressional leaders on "a very major tax cut for middle-income people," to be announced in early November or just before.

The big picture: Trump has been promising major tax cuts since his presidential campaign. Axios' Jonathan Swan explains that although Congress could technically pass a tax cut in the lame duck session, Trump's proposal has no chance of passing any time soon. He can only announce such a move ahead of the midterms as Congress will remain out of session until after the election, which is just 16 days away.