Trump to announce important tax reform next week

Washington: US President Donald Trump will make an important announcement about his awaited plan for tax reform next Wednesday.

“We’ll be having a big announcement on Wednesday having to do with tax reform. The process has begun long ago but the reform will begin on Wednesday,” Efe news service quoted Trump as saying.

Trump signed an executive order along with two memoranda about reviewing the taxation and financial regulatory policies of his predecessor in the White House, Barack Obama.

Trump has previously set other dates for releasing news about his plan for tax reform, something financial markets have eagerly anticipated for some time.

US Treasury Secretary Steven Mnuchin also mentioned the tax reform plan Friday during a conference at the White House, and said the government is “pretty close” to having it ready to announce.

The government originally set August as the deadline for getting congressional approval for tax reform, but Mnuchin warned Thursday that it will “take till the end of the year.”

“The plan will pay for itself with growth,” Mnuchin said on Thursday at a conference of the Institute of International Finance in Washington, in an attempt to calm concerns about the promised tax cuts adding to America’s enormous national debt.

Mnuchin said the priorities of Trump’s tax reform, which, he claimed will be the biggest since the decade of the 1980s, will be to simplify personal income taxes, provide tax cuts for the middle class and make companies more competitive.