ADVERTISEMENT

Trump says his 'massive' tax plan is coming next week

Trump said his "massive" tax cut for corporations and people is coming "Wednesday or shortly thereafter."

donald trump rally fist

President Donald Trump said that he expects to release his plan for a tax overhaul on "Wednesday or shortly thereafter," in an interview with the Associated Press on Wednesday.

ADVERTISEMENT

Trump told the AP that the plan would include a "massive" tax cut for corporations and businesses.

During the campaign, Trump said that he would cut the federal corporate tax rate to 15% from its current 35% level.

Since that time, however, reports have suggested that the rate could be much higher than that under Trump's plan.

ADVERTISEMENT

The statement comes just as hope for a quick resolution to tax reform began to fade. The president told manufacturing CEOs on February 9 that he was going to release something "phenomenal in terms of tax" in "two or three weeks." Additionally, Treasury Secretary Steven Mnuchin said that he wanted Trump to sign a tax reform bill by the congressional recess in August, but recently admitted it is unlikely to be done by that time.

In response to the news, stocks popped with the Dow Jones industrial average jumping a little over 30 points to 20,578 as of 2:23 p.m. ET.

FOLLOW BUSINESS INSIDER AFRICA

Unblock notifications in browser settings.
ADVERTISEMENT

Recommended articles

US troop withdrawal from Niger hangs in the balance

US troop withdrawal from Niger hangs in the balance

Detained Binance executives sue Nigerian authorities for human right violation

Detained Binance executives sue Nigerian authorities for human right violation

Nigeria's central bank increases minimum capital base for banks

Nigeria's central bank increases minimum capital base for banks

Sony’s creators convention redefines the creative landscape for content creators

Sony’s creators convention redefines the creative landscape for content creators

Exploring the popularity of progressive jackpot slots in Indonesia

Exploring the popularity of progressive jackpot slots in Indonesia

Egypt, Nigeria, and South Africa ranked as Africa's most polluted countries in new report

Egypt, Nigeria, and South Africa ranked as Africa's most polluted countries in new report

10 African countries with the lowest life expectancy according to the World Bank

10 African countries with the lowest life expectancy according to the World Bank

Kenyan women are more obese than their men - here’s why

Kenyan women are more obese than their men - here’s why

Africa’s richest man Dangote stands between Europe and $17 billion in revenue

Africa’s richest man Dangote stands between Europe and $17 billion in revenue

ADVERTISEMENT