Trump promises 'big' U.S. tax reform announcement April 26

PanARMENIAN.Net - President Donald Trump on Friday, April 21 promised a big announcement about tax reform next week and ordered an administration review of Obama-era tax rules written to discourage U.S. companies from relocating overseas to cut their tax bills, Reuters reports.

"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 during a visit to the U.S. Treasury Department.

First reported in an Associated Press interview with Trump, the news came as a surprise to lobbyists and congressional aides who had no idea what Trump's announcement might include.

In February, Trump promised to release a "phenomenal" tax plan within a few weeks, without offering details. But none emerged.

A White House official said the impending announcement could come later than Wednesday, adding: "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."

During the 2016 election campaign, Trump initially issued a plan that proposed deep cuts in tax rates for individuals and corporations, a reduction in the number of tax brackets to four from seven, repeal of the estate tax, an offshore profits repatriation tax holiday for multinationals and a cap on the deductibility of business interest. He later revised the number of tax brackets to three.

The plan partly resembled one developed by House Speaker Paul Ryan.