“Trump Vows to Unveil Tax-Cut Plan Next Week, Surprising Staff,” was the headline in the New York Times.
“We’ll be having a big announcement on Wednesday having to do with tax reform,” Mr. Trump said as he signed several executive orders dealing with financial matters at the Treasury Department.
In an hour long interview with the Associated Press, the President also hyped his own tax reform announcement for next week, saying the tax cuts he will propose would be “massive.”BREAKING: Trump tells @AP he will unveil tax plan next week that includes “massive” tax cut for individuals and businesses.
— AP Politics (@AP_Politics) April 21, 2017“Bigger, I believe than any tax cut ever,” Mr. Trump said.
“The process has begun long ago, but it really formally begins on Wednesday,” the President added, with Treasury Secretary Steven Mnuchin – his chief tax reform architect – standing beside him.
Trump’s tax reform may rekindle the dying embers of the stock-market rally
The race is a four-way contest between Emmanuel Macron, Marine Le Pen, François Fillon, and Jean-Luc Melenchon although pundits expect centrist Macron and far-right National Front leader Le Pen to win the first round for a runoff vote in May.
Read: When are the French election results out on Sunday?
Getty Images President Donald Trump plans to unveil his tax-reform plan in time for his 100th day in office.
At stake is not only the future of the third largest economy in Europe but also the eurozone given pledges by Le Pen and Melenchon to quit the union if they win.
Even so, with the much-anticipated tax reform a step closer to reality, investors will be emboldened to return to the market to chase stocks higher.
Trump tax plan may produce some short-term budget issues: Mnuchin
“The tax code is way, way, way too complicated.
REUTERS/Mike TheilerWASHINGTON (Reuters) – U.S. Treasury Secretary Steven Mnuchin said on Saturday that the Trump administration’s tax reform plan would produce some “short term issues” when viewed under traditional “static” budget analysis rules.
Mnuchin also said the tax plan would be aimed at helping the middle class to “get more money in their pockets” and would be much simpler.
“Under dynamic scoring, this will pay for itself, under static scoring, there’ll be short term issues.”
Mnuchin said that the tax plan would pay for itself when viewed through a “dynamic scoring” analysis, which accounts for the increased tax revenues that would be produced by higher growth prompted by the tax changes.