President Donald Trump’s “big announcement” on his plans for tax and regulatory reform will likely be short on specifics, a Trump administration official said Saturday according to Reuters.
The president made his first official visit to the Treasury building Friday, where he signed two memoranda ordering Treasury to conduct a thorough review of two powers granted to regulators after the 2007 financial crisis. Trump unexpectedly announced at the signing that there would be a “big announcement on Wednesday having to do with tax reform,” Reuters reports.
An administration official, speaking with to Reuters under the condition of anonymity, said that the administration only plans Wednesday to “outline our broad principles and priorities,” on tax reform.
Trump doubled-down Saturday, tweeting: “Big TAX REFORM AND TAX REDUCTION will be announced next Wednesday.”
The president is adamant that repealing and replacing Obamacare comes before tax and regulatory reform. It isn’t clear whether or not he will change that stance in Wednesday’s announcement.
Lawmakers are scheduled to return Monday to Washington after a two-week long recess. Members of the Senate return Monday, followed by House members Tuesday.
Congress has the sole authority under law to alter or amend the U.S. tax code. It is also a body that has proven itself an obstacle to the president in passing health care reform. While a president can work to spearhead an agenda and whip lawmakers behind their cause, Trump will be at the mercy of lawmakers as far as tax reform is concerned.
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