Massive tax cuts soon to be unveiled

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Businesses and individuals can look forward to an announcement next week from President Donald Trump, who says a “massive tax cut” will be unveiled next week.

During an interview with The Associated Press, President Trump said the tax reform package he will unveil will create tax cuts for “both individuals and businesses.”

Although he gave no further details about the proposed plan, in true “Trump-style,” he said the tax cuts will prove to be “bigger, I believe, than any tax cut ever.”

The unveiling will take place on “Wednesday or shortly thereafter,” according to President Trump. This will place the proposal’s release within his first 100 days in office.

Treasury Secretary Steven Mnuchin hopes to get a tax reform bill passed before the end of the year, although he says the initial goal of August is “not realistic at this point.”

During a conference this week in Washington, Mnuchin said his priorities are simplifying the personal tax code, providing relief to the middle class and a competitive tax rate for businesses.

H/T: AP







 

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