More winning…”BIG LEAGUE”
President Donald Trump said his administration would be announcing a ‘big league’ tax cut that would lower the burden on businesses within the next two or three weeks.
The revelation saw the Dow Jones industrial average rise around 115 points to a record, with Goldman Sachs contributing the most gains.
‘Lowering the overall tax burden on American business is big league, that’s coming along very well,” Trump said at the top of a White House meeting with airline industry executives Thursday.
‘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.’
The president’s comment had an immediate effect on the value of the U.S. dollar against other currencies.
The administration had gotten pushback a day earlier from conservative web site proprietor Matt Drudge, an influential media figure who Trump regularly lauded during the campaign.
‘Republican party should be sued for fraud. NO discussion of tax cuts now. Just lots of crazy. Back to basics, guys!’ Drudge tweeted, on a day filled with fallout from the Senate effort to silence liberal Massachusetts Senator Elizabeth Warren.
Tax reform has also been a top priority for House Speaker Paul Ryan and others in the GOP congressional majority, which has been anxious to slash taxes and regulations now that it finally has an ally in the White House.
Trump has pledged to cut the top corporate tax rate from 35 per cent to 15 per cent, but he offered no details on what his proposal might be.
The value of the dollar against the Japanese yen jumped by 1 percentage point after the president’s comments, Reuters reported. Airline stocks also spiked after the meeting.
All three major market indexes jumped on news of the tax cut timetable. –Daily Mail