President Donald Trump said that he expects to release his plan for a tax overhaul as early as next week, and it will include a “massive” tax cut for corporations and businesses.
“We’ll be having a big announcement on Wednesday having to do with tax reform. The process has begun long ago but the reform will begin on Wednesday,” Trump said at the U.S. Treasury Department as he signed executive orders calling for a reexamination of Obama-era regulations.
On “Your World” today, Steve Forbes said Trump is doing the right thing by aggressively pushing for tax cuts.
“I think he’s recognized that if he doesn’t get this economy moving in a way that people visibly feel it, he and the Republicans are going to be in deep trouble next year,” Forbes said.
He added that Trump will have to push congressional Republicans to get the tax plan through as soon as possible, because even if it’s approved in the short-term, it will take time for Americans to truly feel its effects.
“When you make an investment, it doesn’t mean the building rises up the next day, or the factory rises up the next day, or the services are available the next day,” Forbes said. “It takes time to make these things happen. … Why aren’t they realistic about how the world works?”
“The plans are already there. He came out with one a year ago. Republicans have been toying with this for years. They’ve had a plan, so move with it! It’s already there! Why wait?”