Trump Vows to Unveil Tax-Cut Plan Next Week, Surprising Staff -

Trump Vows to Unveil Tax-Cut Plan Next Week, Surprising Staff -<br />By ALAN RAPPEPORT and MICHAEL D. SHEARAPRIL 21, 2017<br />WASHINGTON — President Trump promised on Friday that he would unveil a “massive” tax cut for Americans next week, vowing a “big announcement on Wednesday,”<br />but he revealed no details about what is certain to be an enormously complicated effort to overhaul the nation’s tax code.<br />But despite Mr. Trump’s statement on Friday that his tax overhaul “really formally begins on Wednesday,” White House officials quickly cautioned against high expectations<br />that Mr. Trump would provide the legislative text of a detailed tax plan next week.<br />Mr. Trump told The Associated Press in the interview<br />that his tax reductions would be “bigger, I believe, than any tax cut ever.” But he faces an enormous fight among clashing vested interests as Congress tries to rewrite the tax code.<br />Instead, a senior administration official said the president would release only the “parameters”<br />that Mr. Trump expected a tax plan to follow in the long congressional debate that would surely follow.<br />Mr. Mnuchin insisted that would not be the case and argued the tax overhaul legislation plan<br />that they would propose will address the problem of companies moving overseas.<br />His announcement surprised Capitol Hill and left Mr. Trump’s own Treasury officials speechless as he arrived<br />at the Treasury offices to sign directives to roll back Obama-era tax rules and financial regulations.