President Donald Trump will unveil tax relief for the rich and small businesses as his plan for tax reform comes closer to completion, according to two administration officials familiar with the plan.
Trump, who has been pushing for tax relief on the wealthy for months, will release his first major tax cut package next week, two administration sources said.
The details are expected to be made public Wednesday, but the details of how much tax relief the administration is looking to offer will likely change.
The administration is hoping that the economic benefits of the package will help attract new business investment and create jobs, the officials said.
Trump has long said he wants to slash taxes for everyone, and he’s pushed the president to push through tax relief as soon as possible after taking office in January.
Trump is expected to unveil a tax plan on Tuesday, but Trump has yet to outline exactly how his plan will work.
Trump’s tax plan is expected be very detailed and focused on tax relief and lowering taxes for Americans.
It is not expected to contain a massive corporate tax cut, according for example, or a sweeping tax cut for individuals.
Trump aides have said that the president is seeking to eliminate many of the loopholes that benefit corporations and wealthy individuals.
They are also looking to reduce or eliminate a variety of deductions that benefit the wealthy.
The tax relief Trump is looking for is also likely to include a small cut for middle-income taxpayers.
In addition to cutting corporate tax rates and lowering tax rates for individuals, Trump is also looking for a reduction in the tax rate on investment income, which is commonly known as the “pass-through” tax.
Trump also is looking at simplifying the tax code and reducing the complexity of the tax system.
The administration has previously said that it is looking into lowering the tax rates on some income, and a major tax overhaul could add trillions of dollars to the federal debt.
The plan Trump is announcing will likely be a major step toward bringing tax relief to the middle class.
Trump campaigned on cutting taxes for all Americans and he is currently leading the pack on this.