President Trump ordered his White House aides to speed up efforts to craft a tax-reform plan that would cut the corporate rate to 15 percent and slash personal rates as well, according to a report.
Team Trump wants the tax plan to focus more on rate cuts than decreasing the deficit, The Wall Street Journal said (paywall). The current corporate rate is 35 percent.
The president told his staff during an Oval Office meeting last week he wants a huge tax cut to sell to the American people, the paper reported, citing a source.
Trump said he wanted to “get it done,” the source said, and was not overly concerned if his plan sent the deficit skyrocketing.
White House spokeswoman Sarah Huckabee declined to comment before the president outlines his plans later this week.
“We are not going to get ahead of the president’s announcement on tax reform on Wednesday,” she said.