President Donald Trump pledged Thursday he will soon unveil a “phenomenal” tax cut plan.
Trump was meeting with executives from several airlines and told them he was aware they must deal with “burdensome” federal regulations.
“We want to help you … by rolling back burdensome regulations, and you people are regulated probably as much as almost anybody,” he said. “We have a regulatory morass that’s a disaster.”
The president then told the executives, “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.”
Trump and GOP congressional leaders have come under fire recently from some conservatives for not taking action on popular campaign promises like cutting taxes and repealing Obamacare.
Radio host and former U.S. Rep. Joe Walsh said Wednesday on Twitter, “Come on Republicans. This is absolute bull—-. 3 weeks in and we’ve done nothing on tax cuts, tax reform, & Obamacare???! Come on.”
Matt Drudge of the Drudge Report made a similar statement the same day.
Meeting with a group of corporate CEOs in January, Trump said he wanted to “massively” reduce the current tax rates for the middle class and companies.
He told the executives, “We’re going to be cutting taxes massively for both the middle class and for companies, and that’s massively,” adding, “We’re trying to get it down to anywhere from 15 to 20 percent.”
News of the “phenomenal” tax initiative was well received in the financial world.
Reuters reported the U.S. dollar rose more than 1 percent over the Chinese yen following the announcement, adding that investors were waiting to hear from the president on his tax plan before making investments.
Kathy Lien, managing director of BK Asset Management, said, “It’s been a broad-based dollar rally driven by the headlines that Trump plans to announce something phenomenal on taxes in the next few weeks, in his words.”
She added, “That was really the crux of the dollar rally shortly after his election and I think investors are getting really excited about that again.”
According to Bloomberg Markets, “The S&P 500 Index surged to an all-time high, with airlines jumping after Trump promised industry executives he’d roll back regulations and announce a ‘phenomenal’ tax plan.”
Although Trump has not revealed his tax cut plans, he has considered a drastic cut in personal taxes as well as levying a 20 percent border tax on goods made in Mexico and shipped into the United States.
“There will be advantages to companies that do indeed make their products here,” Trump said