Trump set to announce ‘big tax reform’
According to Rapporteur Report From, Press TV, Link, "Big TAX REFORM AND TAX REDUCTION will be announced next Wednesday," the president announced in a tweet Saturday.
With nearly 100 days in office, Trump has not managed to win passage of a bill he favors despite enjoying the majority.
Trump’s proposal to “repeal and replace” Obamacare, President Barrack Obama’s signature healthcare law, recently failed to go through US Congress, leading to an embarrassment for the new administration.
"We are moving forward on comprehensive tax reform that cuts tax rates for individuals, simplifies our overly complicated system and creates jobs by making American businesses competitive,” a Trump administration official told Reuters on condition of anonymity.
Protesters converge outside of the Internal Revenue Service in lower Manhattan to protest tax dollars being spent on the military on April 18, 2017 in New York City. (Photo by AFP)
The president had promised to work with Congress over the issue "within the first 100 days of my administration."
"We will outline our broad principles and priorities" on Wednesday, said the official.
On Thursday, Treasury Secretary Steven Mnuchin said he expected Congress to approve a tax plan this year.
According to David Rubenstein, a co-founder of The Carlyle Group, Trump “will no doubt have some principles that he'll set forth soon and no doubt there'll be corporate tax cuts in those and repatriating money from offshore.”