Details on Trump’s Tax Reform Plan to Be Announced Next Week

By Melanie Arter | April 21, 2017 | 4:49 PM EDT

( - President Donald Trump said Friday that he will unveil details on his tax reform plan next week.

“And 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,” the president said at the Treasury Department, where he signed three presidential directives aimed at further protecting U.S. workers and taxpayers.

“The first executive action instructs Secretary Mnuchin to begin the process of tax simplification.  Such a big thing. People can’t do their returns. They have no idea what they’re doing. They’re too complicated. This regulatory reduction is the first step toward a tax reform that reduces rates, provides relief to our middle class, and lowers our business tax, which is one of the highest in the world and has stopped us from so much wealth and productivity,” Trump said.

“I'm also issuing two directives that instruct Secretary Mnuchin to review the damaging Dodd-Frank regulations that failed to hold Wall Street firms accountable. I mean, they've done really, in many cases, the opposite of what they were supposed to. These regulations enshrine ‘too big to fail’ and encourage risky behavior,” the president said.

The administration is working to open up lending to small businesses and entrepreneurs, including women entrepreneurs, he said.

“Secretary Mnuchin and my entire administration are working around the clock to help struggling Americans achieve their financial dreams, earn a great paycheck, have a job that they love going to every single day, and have real confidence in the future,” Trump said.