In an interview with The Associated Press, President Donald Trump announced that he was going to be unveiling his long-awaited tax plan next week, calling it a “massive tax cut” that will be “bigger I believe than any tax cut ever.”
Trump added that it would be unveiled on “Wednesday or shortly thereafter,” which would put it just days short of his 100th day in office.
On Thursday, Treasury Secretary Steven Mnuchin also announced that “major tax reform” was on the way soon from the administration. According to NBC News, Mnuchin’s statement was one of the reasons behind a 200-point jump in the Dow Jones Industrial Average.
While the administration had initially set a target of August to pass tax reform, Mnuchin now says he’s looking to get it passed by the end of the year.
Trump’s pledge to reduce and simplify taxes was one of the most visible and ambitious proposals the president made during his 2016 campaign.
Trump proposed the American tax code be simplified to only include four brackets — 0 percent, 10 percent, 20 percent, and 25 percent — and said that no American business “from a Fortune 500 to a mom and pop shop to a freelancer living job to job, will pay more than 15 percent of their business income in taxes.”
According to Fox News, Mnuchin said Thursday that the plan would cut $2 trillion in taxes over a decade — certainly not small change. To former Republican presidential candidate and notable tax hawk Steve Forbes, that’s a very good thing.
“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 in an interview with Fox Business News. However, he said the president would need to push to get it quickly through a sometimes balky Congress.
“When you make an investment, it doesn’t mean the building rises up the next day, or the factory rises up the next day, or the services are available the next day,” Forbes said. “It takes time to make these things happen. … Why aren’t they realistic about how the world works?”
Whatever the case, let’s hope that tax reform works out a lot better than the first try at Obamacare’s repeal did. The Trump administration needs to get on with making America great again in a big way.
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