Trump to announce major tax reform, tax reduction on Wednesday

U.S. President Donald Trump has said that he will announce the much awaited tax reform and tax reduction on the coming Wednesday.

Asserting that tax reform is a great way to change the economy, Trump has vowed to remove regulations that cost jobs and substantially reduce the corporate tax rates.

"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," Trump said at the Treasury Department on Friday.

Last week, the President signaled that he wants to turn back to health-care policy again before working toward tax reform.