President Trump claimed on Wednesday that the tax preparation industry “won’t be too happy” with his forthcoming tax simplification plan, which is set to be released “in the not too distant future.”
“It’s too complicated,” Trump said of the tax code during a roundtable meeting with a group of CEOs in the Retail Industry Leaders Association.
“In fact, H&R Block probably won’t be too happy. That’s one business that won’t be too happy,” he added, referring to the tax preparation firm.
Trump, who was joined by Vice President Mike Pence, offered few specifics of what his simplification plan would look like in practice. But he pledged to cut business regulations and lower tax rates for “virtually everybody in every category.”
“We’re going to lower the rates very, very substantially for virtually everybody in every category. Including personal and business,” Trump added.
Trump also told the retail executives that his administration is cutting business regulations “big league.”
“We are really cutting them by massive amounts,” Trump said during the meeting, which included the heads of Target, J.C. Penney, Best Buy, Gap Inc. and AutoZone.