The president had been expected to push for tax reform after repealing and replacing Barack Obama’s healthcare legislation, but that effort crashed and burned in Congress.
Mnuchin had initially set a target of passing tax reform bill by August and still hopes to get it done well before the end of the year.
“We’ll be having a big announcement on Wednesday having to do with tax reform,” the president said on Friday during a visit to the treasury department.
A portrait of Alexander Hamilton, the first treasury secretary, looked down.
Some commentators suggest that Trump is rushing the tax announcement to give his administration a shot in the arm before the symbolic marker of its 100th day.
REUTERS/Aaron P. Bernstein US President Donald Trump will make an important announcement about his awaited plan for tax reform next Wednesday.
US.President Donald Trump.
REUTERS/Aaron P. Bernstein US.President Donald Trump.
“We’ll be having a big announcement on Wednesday having to do with tax reform.
Trump has previously set other dates for releasing news about his plan for tax reform, something financial markets have eagerly anticipated for some time.
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‘Massive tax cut’: Trump says he will release tax reform package next week
WASHINGTON (AP) – President Donald Trump says businesses and individuals will receive a “massive tax cut” under a tax reform package he plans to unveil next week.
Treasury Secretary Steven Mnuchin initially set a goal of getting tax reform passed by August, but that deadline has slipped.
He would not provide details of the plan, saying only that the tax cuts will be “bigger I believe than any tax cut ever.”
In an interview with The Associated Press, Trump says the plan will result in tax cuts for both individuals and businesses.
The president says the package will be released on “Wednesday or shortly thereafter” – just before his 100 day mark in office.