Trump to announce ‘big tax reform’ following congressional setback
US President Donald Trump is set to announce a “big tax reform” as he had promised in the run-up to the 2016 presidential election.
"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.
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.”
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