"We want to create a system where the average American can file a tax code on a big postcard", Mnuchin said. Like George W. Bush before him, Trump will likely find it prohibitively hard to pass deeply unpopular tax cuts for the rich, while also pushing through deeply unpopular spending cuts and/or middle-class tax increases.
Despite the timeline from Trump, statements from various administration officials have analysts questioning how detailed the plan will be.
The president did not provide any details about the coming measure, but noted that it would contain a "massive tax cut" for individuals and businesses. Sharply. Down so much that, despite steep cuts in state services and raising costs of tuition and other fees, Kansas is in a deficit death spiral.
The cuts will be "bigger I believe than any tax cut ever", he said, according to the AP report.
The import tax is not expected to be part of Trump's plan.
A White House spokeswoman on Monday said there would be "no further comment beyond what the president has said on this".
Treasury Secretary Steven T. Mnuchin said Saturday that would be accomplished through the use of controversial "dynamic scoring", which assumes those cuts would fuel faster economic growth.
However, Mnuchin emphasized that he anticipates the tax system will be changed in 2017.
"We'll be having a big announcement on Wednesday having to do with tax reform", Trump said during a speech at the Treasury Department on Friday.
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We return up North to play Chelsea at home, who were recently dispatched by a highly prepared Manchester United . They needed to change a lot of players. "It is better to use young players".
In the event the bill does make it through the Senate, which is unlikely, and signed by Gov. Hickenlooper, all US presidential and vice presidential candidates would have to release their last five years of federal tax returns 90 days before the General Election.
The corporate tax rate is now 35 percent.
The top tax rate for individuals would be cut from 39.6 percent to the "mid-30s", the official said. They have no idea what they are doing. "Tax reform is way too complicated", he said.
Trump surprised Capitol Hill - and even some people within the White House - when he first announced the Wednesday deadline at an event last week. Lawmakers have been anxiously waiting for more details of Trump's plan for weeks.
"He's not backing away from the supply-side agenda.as you have two competing ways of thinking about taxes inside of the White House", said Stephen Moore, a senior economic policy expert at the Heritage Foundation who advised the Trump campaign.
The official, who spoke on condition of anonymity, was not authorized to discuss the plan publicly ahead of Trump's announcement, scheduled for Wednesday. And it would mean attempting a tax overhaul as his White House faces the prospect of a government shutdown if lawmakers can not agree on a funding bill by April 28.
One reason why overhauling the tax code is so hard is because it is very hard to do it without dramatically widening the deficit. A tax plan that increases the deficit only in the short term only needs a majority Senate vote.
Trump also signed two presidential memoranda aimed at the Dodd-Frank financial reform law.
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