TRUMP: 'Phenomenal' tax reforms are coming

Picture: Getty Images

President Donald Trump said that he plans to release his plan to reform the US tax system in the next few weeks.

Trump said that administration will be announcing “something phenomenal in terms of tax” over “the next two or three weeks” during a meeting with airline executives on Thursday.

The president also said he is “lowering the corporate tax rate big league.”

Trump has long expressed a desire to re-do the corporate and personal tax system in America. The president promised in a meeting with manufacturing executives two weeks ago to cut businesses taxes to between 15% and 20%.

“We’re going to be cutting taxes massively for both the middle class and for companies, and that’s massively,” said Trump at the January 23 meeting.

Among the other proposals, Trump has floated are a plan to slash personal taxes for families and a possible 20% border tax on imports, particularly from Mexico.

It is not clear exactly what elements of those proposals will be included in the plan.

Tax cuts have been one of the most desirable elements of Trump’s platforms. Economist have said that slashing corporate taxes could lead to higher profits for large business, but have warned that any border tax could be incredibly detrimental to the economy.

Trump also said that he plans to defend the airline industry and roll back regulations during his meeting.

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