President Donald Trump on Friday promised a “big announcement” next week on his plans for major tax reform, but soon after, top administration officials were tempering expectations, indicating that the White House would be releasing broad goals of a tax plan, not the details in full legislative text.
“We’ll be having a big announcement on Wednesday having to do with tax reform,” Mr. Trump said as he signed several executive orders dealing with financial matters at the Treasury Department.
“The process has begun long ago, but it really formally begins on Wednesday,” the President added, with Treasury Secretary Steven Mnuchin – his chief tax reform architect – standing beside him.
Mr. Trump has talked for months about acting on tax reform, but after three months in office, the President has not sent any formal plan to the Congress, where many GOP lawmakers are waiting to see some details.
Reports on Friday night seemed to indicate that the announcement next week will be on the broad brush side – not the nitty gritty details of major tax changes.
In an hour long interview with the Associated Press, the President also hyped his own tax reform announcement for next week, saying the tax cuts he will propose would be “massive.”
“Bigger, I believe than any tax cut ever,” Mr. Trump said.
But his goal to get it out next week – just days before the 100 day mark of his presidency – evidently wasn’t what top aides had been envisioning.
“Trump Vows to Unveil Tax-Cut Plan Next Week, Surprising Staff,” was the headline in the New York Times.