– President Donald Trump on Wednesday hailed a tax reform plan released by his administration as a “once-in-a-generation opportunity” promising that it would deliver American businesses some of the lowest tax rates in “more than 80 years”
“This is a once-in-a-generation opportunity, and I guess it’s probably something I could say that I’m very good at,” Trump said during remarks in Indiana. “I’ve been waiting for this for a long time. We’re going to cut taxes for the middle class, make the tax code simpler and more fair for everyday Americans. And we are going to bring back the jobs and wealth that have left our country and most people thought left our country for good.”
Trump’s comments come after the U.S. Congress and the White House earlier on Wednesday unveiled plans to change America ’s tax code in a proposal that slashes taxes on businesses the wealthy, lowering the corporate tax rate from 35% to 20%.
Investors, however, mulled over the lack of details on how the proposed tax reforms will be funded, fuelling fears that key elements missing from the plan could invite pressure from support industry groups and lobbyists.
Markets had a fairly muted reaction to Trump’s speech, with the dollar and gold roughly unchanged.
The dollar rose 0.46% to trade at 93.24 while gold Futures traded at $1,286.19, down 1.19%.