Trump to release ‘biggest’ tax plan before 2020 election
President Donald Trump plans to release a “biggest” tax reform plan before the 2020 election, the president said Tuesday.
Trump, in a meeting with business leaders and economists, also said he wants to bring the federal government into the private sector, while saying that if Democrats control the White House, he would use his “greatness” to get it done.
The president was responding to a question about his plan during an event with business and labor leaders.
“The reason I’m doing this is because we’re gonna get a big tax bill out of the Congress and I’m gonna put it on the president’s desk and put it in the back of his desk and get it signed,” Trump said.
The “bigest tax bill” he’s ever done, he added, is “the one we signed last year.”
The president is pushing a tax plan that would cut the top tax rate from 39.6 percent to 35 percent and slash the corporate tax rate to 15 percent.
His plan would also provide relief to families by providing a $1,000 tax credit for tax returns filed by single filers and couples filing jointly.
The tax credits are not tied to income, meaning they can be used to reduce the tax bill for anyone.
The president would also lower the top income tax rate for high-income Americans, from 39 percent to 28 percent.
Trump is also expected to provide tax relief to people who earn more than $500,000 per year, but he has yet to provide details on how much tax relief the plan would provide.
The White House also is expected to release more details on its tax plan in coming weeks.