Trump says 'massive tax cut' plan coming as soon as Wednesday

Trump says 'massive tax cut' plan coming as soon as Wednesday
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President Trump told The Associated Press on Friday that he intends to release a tax reform plan next week that includes a "massive tax cut" for businesses and individuals.

Trump said the plan would be unveiled "Wednesday or shortly thereafter" and would involve tax cuts that would be "bigger I believe than any tax cut ever."

The president added later Friday at the Treasury Department that the administration will “be having a big announcement Wednesday having to do with tax reform."

"The process has begun long ago but it really formally begins on Wednesday."

But a White House official gave some wiggle room on the date, noting that Trump said in the AP interview that the plan would be released on Wednesday or soon after that.

"The President was saying what we've been saying all along, that he wants to do tax reform as quickly as possible while still doing it right," the official said.

The announcement of the tax plan's release comes as Trump seeks to notch achievements ahead of hitting his 100th day in office, on April 29.

While at Treasury, Trump signed an executive order that directs the Treasury Department to review significant tax regulations issued last year. 

“This regulatory reduction is a first step toward a tax reform that reduces rates, provides relief to our middle class, and lowers our business tax, which is one of the highest in the world and has stopped us from so much wealth and productivity,” Trump said.

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Treasury Secretary Steven Mnuchin said Thursday that the White House would be releasing a tax plan "very soon." He said earlier this week that enacting tax reform by August is “highly aggressive to not realistic" but that the administration is still aiming for legislation to be passed this year.

Mnuchin also said Thursday that the administration's tax plan would "pay for itself with growth.”

Jordan Fabian contributed to this report, which was updated Friday at 3:32 p.m.