President Donald Trump promised Friday a "big announcement" concerning tax reform will be made next Wednesday, but White House budget director Mick Mulvaney has been saying that a full tax bill won't likely happen by the time its official budget is released by the end of May.
"You might see us floating some principles before then," Mulvaney, who heads the Office of Management and Budget, said in an interview Friday before Trump's remarks came out, reports The Wall Street Journal.
"But in terms of a piece of paper you can look at and say, 'Here's our bill,' I don't think it will be ready by May," he continued.
Trump did not specify what the tax proposal would be, but said the overhaul process "has begun long ago, but it formally begins on Wednesday," during an announcement from Treasury Secretary Steven Mnuchin's office.
The tax overhaul "process has begun long ago, but it really formally begins on Wednesday, so go to it," Mr. Trump said during a visit to Treasury Secretary Steven Mnuchin's office across the street from the White House.
Before that, Trump told The Associated Press that the package, including a "massive tax cut" would be released on "Wednesday or shortly thereafter," Earlier in the day, Mr. Trump told the Associated Press in an interview that businesses and individuals can expect to receive a "massive tax cut" under his plan.
The package, he said, would be released on "Wednesday or shortly thereafter," and a White House aide told the Wall Street Journal that the "thereafter" comment meant Trump was allowing himself some "wiggle room" for his announcement.
Late Friday, a White House official said the announcement would include an outline of tax overhaul priorities and principles.
However, last week, Trump told Maria Bartiromo, on the Fox Business Network, that it would be better to pass healthcare reform first, as the savings would help offset massive tax cuts.
Mulvaney, however, said the tax reform plan is "going through a process" and the administration is "backing in" while discussing the plans.
"We're starting with a concept of dramatic economic growth and how we get tax policies that accomplish that," said Mulvaney.
Further, the budget director said the administration is still hammering out whether the overhaul would remain revenue-neutral, meaning the administration can pass permanent legislation through with a 51-vote majority in the Senate. But if the bill adds to the national deficit, any tax-code changes will expire after nine years, when Trump will no longer be in office.
If Trump makes his announcement on Wednesday, it will come just days before the current government funding bill expires on April 29, at which time there could be a partial government shutdown.
Mulvaney said his office has notified government agencies to start preparations in the event a shutdown occurs, but the administration doesn't expect a lapse in funding.
Sandy Fitzgerald ✉
Sandy Fitzgerald has more than three decades in journalism and serves as a general assignment writer for Newsmax covering news, media, and politics.
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