President Donald Trump said on Thursday that his administration will announce a big league-phenomenal tax cut next week. Stocks reacted enthusiastically at the news, notching a record close in anticipation.
President Trump vowed to swiftly cut taxes and burdensome regulations, as per his campaign promises. During a White House meeting with top airline executives, The Donald announced that he will relieve US businesses alongside millions of Americans of “burdensome regulations” and he boasted a big league tax overhaul to be expected within 2 to 3 weeks.
Donald Trump said, let me quote the man himself:
“We want to help you realize these goals by rolling back burdensome regulations, and you people are regulated probably as much as almost anybody. We have a regulatory morass that’s a disaster.
“Lowering the overall tax burden on American business is big league, that’s coming along very well. We’re way ahead of schedule, I believe. And we’re going to be announcing something — I would say over the next two or three weeks — that will be phenomenal.”
Republicans came under fire by the founder of Drudge Report, who was questioning whether the GOP was genuine with their promises to move over the already famous tax cut agenda or the Affordable Care Act repeal (that’s Obamacare).
Matt Drudge also tweeted that the GOP should be sued for fraud, accusing them of ignoring campaign promises:
‘Republican party should be sued for fraud. NO discussion of tax cuts now. Just lots of crazy. Back to basics, guys!’
Trump also said at the top of his meeting with airline executives:
‘We’re way ahead of schedule, I believe. And we’re going to be announcing something – I would say over the next two or three weeks – that will be phenomenal.’
President Donald Trump has pledged to reduce corporate tax to 15% from the current 35% but he provided no further details. Even if tax reform should be a top issue for REP’s congressional majority, Paul Ryan and others seemed to be reluctant and even anxious with regard to slashing tax and regulations even now, when they have the ultimate ally in the White House.
Photo Credit: Reuters