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President Donald Trump says businesses and individuals will receive a “massive tax cut” under a tax reform package, though the timing of that package was unclear.
After initially saying the package would come next week, the White House issued a subsequent statement to CNBC that appeared to soften that timeline: “The President was saying what we’ve been saying all along, that he wants to do tax reform as quickly as possible while still doing it right.”
Then, Trump himself said at the Treasury Department that the reform announcement would come on Wednesday.
“We’ll be having a big announcement on Wednesday having to do with tax reform. The process has begun long ago but it really formally begins on Wednesday,” Trump said.
Earlier, in an interview with The Associated Press, Trump says the plan will result in tax cuts for both individuals and businesses. He would not provide details of the plan, saying only that the tax cuts will be “bigger I believe than any tax cut ever.”
Earlier on Friday, the president said the package will be released on “Wednesday or shortly thereafter” — just before his 100 day mark in office.
Treasury Secretary Steven Mnuchin initially set a goal of getting tax reform passed by August, but that deadline has slipped. Mnuchin now says the administration still hoped to get a bill passed well before the end of the year.
— CNBC’s Ylan Mui contributed reporting.