President Donald Trump on Friday promised a big announcement about tax reform next week and ordered an administration review of Obama-era tax rules written to discourage U.S. companies from relocating overseas to cut their tax bills.
"We'll be having a big announcement on Wednesday having to do with tax reform. The process has begun long ago, but it really formally begins on Wednesday," Trump said during a visit to the U.S. Treasury Department.
First reported in an Associated Press interview with Trump, the news came as a surprise to lobbyists and congressional aides who had no idea what Trump's announcement might include.
In February, Trump promised to release a "phenomenal" tax plan within a few weeks, without offering details. But none emerged.
A White House official said the impending announcement could come later than Wednesday, adding: "The president was saying what we've been saying all along, that he wants to do tax reform as quickly as possible while still doing it right."
Trump's latest comments got a warm reception from the Republican tax chief in the House of Representatives.
