White House Anticipates Making Progress on Tax Reform This Summer

The new US tax reform bill may be prepared by the beginning of the fall, White House Director of Legislative Affairs Marc Short told reporters.

WASHINGTON (Sputnik) — US President Donald Trump's administration expects to move forward with the tax reform proposal during the summer months and present the final bill as soon as in September.

"We probably continue to see us make progress through summer," Short said in a conference call on Monday. "I think realistically our expectation would be after Labor Day we will introduce [the bill]."

The official noted that Trump wants to ensure that the final tax legislation would be a bill drafted collectively by the House and the Senate and agreed upon by all parties involved.

Trump is set to meet with the Republican leadership on Tuesday. During the meeting, participants will discuss a number of legislative issues, including tax legislation, Obamacare replacement plan, and the administration's infrastructure proposal, the White House announced earlier in the day.

Trump has made the major tax reform one of his top priorities since he took office in January. He promised to introduce significant tax cuts for the middle class and promote economic stability in the country.

US Treasury Secretary Steven Mnuchin stated in May that the administration's plan would eliminate tax loopholes for the wealthy and support American small and medium businesses by reducing corporate tax rate to 15 percent.