In an interview with the Associated Press on Friday, President Donald Trump promised that he would be releasing a tax reform plan with “massive” tax cuts for businesses and individuals as early as next week.
The tax cuts for both businesses and individuals will be “bigger I believe than any tax cut ever,” according to the president, and can be expected “Wednesday or shortly thereafter.”
“We’ll be having a big announcement on Wednesday having to do with tax reform. The process has begun long ago, but it really formally begins on Wednesday,” Trump said Friday afternoon at the Treasury Department.
The president then pointed to Treasury Secretary Steven Mnuchin and said, “so, go do it.”
“I will, Mr. President,” Mnuchin responded.
Next Saturday will mark Trump’s 100th day in office, and it is expected that the administration will attempt to secure some big wins before the date approaches.
The president gave little details of what the reform will contain, but during his campaign Trump proposed a top individual tax rate of 33% — which is over 6 points lower than the current ceiling of 39.6%. He also pledged to cut the corporate tax rate from 35% to 15%.
Earlier in the week, Mnuchin indicated that the new tax plan would contain three or four tax brackets, instead of the seven that exist currently. He also claimed there would be a “streamlined” tax system.
“Fundamentally, fewer brackets, less deductions, simpler tax code,” Mnuchin said at a DC event sponsored by the Institute of International Finance. “This will be the most significant change to the tax code since Reagan.”
Responding to Friday’s announcement from Trump, the Dow Jones industrial average jumped over 30 points from 20,541 to 20,572 as of 2:07 p.m. ET, Business Insider reported.