President Trump said on Friday that he is set to unveil a tax plan next week in which businesses and individuals will receive a “massive tax cut.” The President said he will be releasing the plan on “Wednesday or shortly after,” just before his 100th day in office. Treasury Secretary Steven Mnuchin said economic growth fromTrump’s proposed tax cuts could reach 2 trillion over the next 10 years. Some analysts, like Grover Norquist think tax reform will be passed, despite recent setbacks.
From Fox News:
Norquist said there is agreement between the White House and Republicans in the House and Senate. That includes cutting the corporate rate from 35 to 20 percent, while small businesses would go from 40 down to 25 percent, which he called “very important.”
The release of the President’s proposed tax cuts could spur consumer confidence giving the economy an immediate boost.