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Stocks soar as Trump says ‘phenomenal’ tax cuts coming soon

The current administration has been in office just 19 days

(NationalSentinel) Some conservatives have begun to get a little nervous, worried that President Donald Trump and the Republican congressional majority are going soft on some issues like repealing and replacing Obamacare and implementing major tax cuts, for businesses and individuals.

During a meeting at the White House with airline industry executives on Thursday, however, Trump put the issue of tax cuts to rest by declaring a “phenomenal” bill to reduce top tax rates was coming “within 2-3 weeks.”

As reported by Grabien News:

Speaking to airline executives at the White House, Trump empathized with the burdensome regulatory climate the industry is operating under, and promised to begin making reforms.

“We want to help you realize these goals by rolling back burdensome regulations, and you people are regulated probably as much as almost anybody,” Trump said. “We have a regulatory morass that’s a disaster.”

He also promised a round of tax cuts.

“Lowering the overall tax burden on American business is big league, that’s coming along very well,” Trump said. “We’re way ahead of schedule, I believe. And we’re going to be announcing something — I would say over the next two or three weeks — that will be phenomenal.”

Did anyone believe him? Wall Street did; the Dow Jones had a record day, surging more than 100 points on the news. And those airline executives? Like most everyone else who has met personally with Trump, they came out of the meeting very enthused and confident about what they’d been told.

We want to be careful about expecting too much too soon, here. The administration has only been in office for 19 days. And the president has shown zero give in any of his major policy initiatives that he spoke about on the campaign trail. He will need congressional support to reform the tax code and to abolish Obamacare, so things will have to be worked out on Capitol Hill before Trump can act. If he doesn’t have bills to sign, then that’s on Congress, not him.

But Congress is also working on these measures, out of the limelight and away from the TV cameras. Tax reform legislation and Obamacare replace-and-repeal is coming. Stay tuned.

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