President Donald Trump announced in an interview with The Associated Press Friday that businesses and individuals will receive a "massive tax cut" in the new tax reform package he plans to unveil next week.
Trump said the tax reform package will be introduced on "Wednesday or shortly thereafter," just before his 100th day in office. While the president would not reveal details about the tax plan, he did say that the cuts will be "bigger I believe than any tax cut ever."
"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 in a statement issued to CNBC.
Treasury Secretary Steve Mnuchin, who has been working with Trump on the new plan, originally set out to have a tax reform plan passed by the end of August but has been recently backing away from the deadline. Regardless, he is still confident that an overhaul of the U.S. tax code will happen before the year is up.
Mnuchin said he hopes there will be bipartisan support for the plan, but should they fail to reach a consensus with Democrats, the White House will consider using the reconciliation process to finalize tax reform. While they would only need 50 votes to do so, the tax cuts would expire in 10 years, which the administration does not consider optimal.
"They need some permanence in the tax code," said Trump's top economic adviser Gary Cohn.