In an unscripted but forceful speech, President Donald Trump outlined a bold and far-reaching agenda that would reshape U.S. policy toward the world.
The plan aims to roll back environmental regulations and reduce the country’s dependence on foreign oil and transform how we finance the country with federal subsidies.
The plan is not expected to garner congressional approval, but Trump is expected to sign it on his first day in office on Friday.
It’s not clear how quickly Trump will be able to enact it, but the president’s team has said that he will likely put the plan to a vote on Wednesday or Thursday, possibly as early as Friday.
Trump is also expected to unveil a tax reform plan that would slash the corporate rate to 15 percent and allow Americans to deduct their state and local income taxes, and possibly also their mortgage interest.
The president has repeatedly said he wants to slash corporate taxes by as much as 25 percent and then eliminate the estate tax, a provision that the House passed in 2016 to help close the $19 trillion federal deficit.
But the plan unveiled Thursday includes no such concessions, and it’s not expected the bill will get any Republican support.
In a rare move, the president has called for a two-month delay in the release of the plan before it’s released to the public.
“I will announce the details of this plan on Friday,” Trump said at a Thursday morning news conference.
“I am very much looking forward to it.”
The plan would also eliminate the so-called Cadillac tax, which is a levy that the government imposes on low- and middle-income earners who purchase a new car, home or other expensive goods or services.
It is designed to encourage businesses to invest in manufacturing and to help small businesses.
It would also reduce corporate taxes from 35 percent to 15, lowering the overall tax burden on businesses.
The plan also would slash regulations for small businesses and create a new tax credit to help low-income Americans afford to buy health insurance.
But the plan does not address the issue of climate change, which Trump has called a hoax perpetrated by the Chinese government to drive up the cost of their products.
Trump has repeatedly accused the Chinese of manipulating the climate to hurt U.N. climate talks and is calling for a global moratorium on new U.n. emissions.
Trump also is expected later this week to propose the elimination of the estate taxes, though there’s no guarantee that would happen.
Despite the changes to the tax code, Trump said he would not be raising taxes on the middle class.
“The middle class is going to pay for that, and I think it’s going to happen,” he said.
He also said he is considering reducing the number of people on Social Security and cutting taxes on high-income people to pay off the national debt.
This story was originally published by The Associated Press.