The United States president Donald Trump says businesses and individuals will receive a “massive tax cut” under a tax reform package he plans to unveil next week.
Mr Trump says the plan will result in tax cuts for both individuals and businesses. He gave no details of the plan, saying only that the tax cuts will be “bigger I believe than any tax cut ever.”
The president says 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.
This leaves us citizens anticipating what the cuts will be and where they will apply, but if precedent is anything, we can all expect to see some minor cuts for citizens and huge cuts for corporations. This, however, is not a knock on Mr Trump but a prediction based on what has always happened every time our government has promised tax breaks.