Trump to announce ‘big tax reform’ following congressional setback
US President Donald Trump is set to announce a “big tax reform” as he had promised in the run-up to the 2016 presidential election.
"Big TAX REFORM AND TAX REDUCTION will be announced next Wednesday," the president announced in a tweet Saturday.
With nearly 100 days in office, Trump has not managed to win passage of a bill he favors despite enjoying the majority.
Trump’s proposal to “repeal and replace” Obamacare, President Barrack Obama’s signature healthcare law, recently failed to go through US Congress, leading to an embarrassment for the new administration.
"We are moving forward on comprehensive tax reform that cuts tax rates for individuals, simplifies our overly complicated system and creates jobs by making American businesses competitive,” a Trump administration official told Reuters on condition of anonymity.
The president had promised to work with Congress over the issue "within the first 100 days of my administration."
"We will outline our broad principles and priorities" on Wednesday, said the official.
On Thursday, Treasury Secretary Steven Mnuchin said he expected Congress to approve a tax plan this year.
According to David Rubenstein, a co-founder of The Carlyle Group, Trump “will no doubt have some principles that he'll set forth soon and no doubt there'll be corporate tax cuts in those and repatriating money from offshore.”
JPMorgan boss warns US facing most severe risks since World War II
Americans skipping meals to afford housing: Poll
Biden claims Chinese smart cars spy on US citizens, infrastructure
The struggles of Occupied Palestine
Saadi Day: Ayatollah Khamenei exalts great Persian poet
Iran’s Civil Defense examines country’s preparation for potential threats
FBI chief: Chinese hackers targeting critical US infrastructure
New York Times leaked memo on Gaza coverage reveals obfuscation of facts
VIDEO | Press TV's news headlines
Barbados officially announces recognition of Palestine as state
US Senate reauthorizes surveillance bill despite privacy concerns
This makes it easy to access the Press TV website
