On Feb. 9, President Donald Trump said that a major tax announcement is on its way. The statement came during a listening session with the airline industry at the White House.
While discussing taxes and regulations facing the airline industry, Trump hinted at the plan coming down the pipeline, according to Politico.
“That’s coming along very well," Trump began. "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 in terms of tax.”
"We had a positive discussion about many of the major issues facing U.S. travelers, airline employees and the aviation industry, which is a vital economic engine for America," said Ed Bastian, CEO of Delta Airlines, notes CNBC. "I look forward to working with President Trump, Secretary Chao, Secretary Tillerson and other members of the administration on issues important to Delta, our employees and our customers."
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"Under my plan I will be reducing taxes tremendously from 35 percent to 15 percent for companies, small and big businesses," then-Republican presidential nominee Donald Trump said during the first presidential debate of his tax plan, reports NPR. "That's going to be a job creator like we haven't seen since [former President] Ronald Reagan. It's going to be a beautiful thing to watch. Companies will come, they will build, they will expand, new companies will start and I look very very much forward to doing it. We have to renegotiate our trade deals and we have to stop these countries from stealing our companies and our jobs."
But Moody's Analytics, a branch of the Wall Street ratings agency Moody's, advised caution in November over Trump's proposals.
"A Trump presidency also raises the odds of some type of tax reform," Moody's wrote in a report published the day after the election. "This would include lower corporate taxes and perhaps the adoption of a more territorial tax system. Personal income taxes may also be cut. Whether or how these cuts will be paid for is unclear. Trump has argued the lower tax rates will stimulate more economic growth and thus pay for themselves. This will not happen, suggesting larger budget deficits and a higher debt load down the road."