President Trump on Friday said businesses and individuals will receive a “massive tax cut” under a tax reform package he plans to unveil next week.
In an interview with The Associated Press, Trump said the plan will result in tax cuts for both individuals and businesses. He would not provide details of the plan, saying only that the tax cuts will be “bigger I believe than any tax cut ever.”
The president said the package will be released on “Wednesday or shortly thereafter” — just before his 100 day mark in office. He will face opposition in Congress as the possibility of a government shutdown by the end of the month lingers.
Treasury Secretary Steven Mnuchin initially set a goal of getting tax reform passed by August, but that deadline has slipped. Mnuchin now says the administration still hoped to get a bill passed well before the end of the year.
Mnuchin on Thursday said economic growth from proposed tax cuts would come close to $2 trillion over 10 years.
Steve Forbes, in an interview on Fox Business’ “Your World With Neil Cavuto,” said Trump is doing the right thing by aggressively pushing for tax cuts.
“I think he’s recognized that if he doesn’t get this economy moving in a way that people visibly feel it, he and the Republicans are going to be in deep trouble next year,” Forbes said.
He added that Trump will have to push congressional Republicans to get the tax plan through as soon as possible, because even if it’s approved in the short-term, it will take time for Americans to truly feel its effects.