Addressing reporters before a meeting with airline company executives this morning, Donald Trump announced progress on a “big-league” plan to lower taxes on American corporations, as he pledged to do throughout the campaign.
In remarks, he told those gathered that his administration would “lower the overall tax burden on American businesses big-league. That’s coming along very well. We’re way ahead of schedule, I believe. We’re going to be announcing something, I would say, over the next two or three weeks,” Trump said.
On the campaign trail, Trump promised a corporate tax rate as low as 15 percent, while House Republicans are working on a plan that sets corporate taxes at 20 percent, according to Fox Business. Both would be enormous reductions from the current corporate tax rate of 35 percent, one of the highest in the world.
“We’re going to be announcing something I would say over the next two or three weeks that will be phenomenal in terms of tax and developing our aviation infrastructure,” said Trump as he met with airline executives.
Press Secretary Sean Spicer later said the corporate tax cut was part of a “comprehensive plan” to address both corporate and individual tax rates but did not elaborate. The American tax code has not been substantially rewritten since Ronald Reagan’s presidency, according to Reuters.