Trump on Friday is expected to unveil a new tax plan that he says will help spur economic growth, reduce the federal deficit and improve education.
In his address to Congress, Trump will outline a plan to boost the nation’s gross domestic product, which is the value of goods and services produced by the economy.
The goal of the plan, he will say, is to grow the economy by 2 percent a year, the fastest growth rate since 1949.
It is a plan that has attracted the support of many Democrats, including Sen. Elizabeth Warren of Massachusetts and Sen. Bernie Sanders of Vermont.
Trump’s economic plans would be one of his first major legislative initiatives since he took office in January.
His administration is struggling to find ways to meet his campaign promise to raise the nation “by trillions of dollars” by the end of his presidency.
A Trump administration official said the tax plan will “put the American people first,” a reference to his campaign slogan of “Make America Great Again.”
It would eliminate the estate tax, which was a major source of revenue for many Republicans during the 2016 presidential campaign.
It would also slash taxes on businesses and households that make more than $1 million a year and eliminate deductions for high earners.
It also would eliminate some tax credits for families that work and save more than the federal poverty level.
The administration is expected on Friday to outline the administration’s plans to provide relief to families with young children, people with disabilities, veterans, low-income workers and the elderly.
The Trump administration has yet to say how much the plan would cost, but it would be paid for by reducing the corporate tax rate, which has fallen to 35 percent from 39.6 percent.
It would also lower taxes on individual income, including those from stocks, bonds, partnerships, partnerships and individual retirement accounts.
Trump, in a speech on Wednesday, said his tax cuts would lead to a $1 trillion increase in the nation´s Gross Domestic Product by the first year of his administration.
The plan would also create an additional $1.2 trillion in tax revenue, Trump said.
The White House estimates the plan will cost about $1,700 for every $1 of income, and the savings would amount to $1 in taxes for every dollar earned.
The nonpartisan Tax Policy Center estimates the plans would add about $2,000 to the cost of the overall tax plan.
The tax plan is expected for a release on Friday at 9 a.m. ET.