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

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

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(Markets Insider)

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.

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.

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.