White House

Trump urges Congress to 'move fast' on his tax reform plan

Key Points
  • In a tweet, Trump says the approval process for "the biggest Tax Cut & Tax Reform package in the history of our country will soon begin. Move fast Congress!"
  • Expectations of tax reform have helped lift the U.S. stock market since Trump's election.
President Donald Trump is seated for a a lunch with Senate Majority Leader Mitch McConnell (L) and House Speaker Paul Ryan.
Mandel Ngan | AFP | Getty Images

President Donald Trump urged Congress on Wednesday to act quickly on his tax reform plan, which has yet to be fully revealed.

In a tweet, Trump said the approval process for "the biggest Tax Cut & Tax Reform package in the history of our country will soon begin. Move fast Congress!"

Trump said in a later tweet that tax cuts and reform are "needed more than ever before."

Tax reform is key to Trump's economic agenda, but the administration has faced several hurdles trying to move it forward, including intraparty fighting.

Expectations of tax reform have also helped lift the U.S. stock market since Trump's election. The S&P 500 has added more than $2 trillion in market value since Nov. 8.

After the first tweet Wednesday, Trump said in a White House statement that a bipartisan meeting with senators regarding tax reform was "highly productive, and will spur constructive discussion moving forward."

Treasury Secretary Steven Mnuchin said Tuesday that a tax overhaul can be finished this year. At the CNBC-Institutional Investor Delivering Alpha conference, he also said the administration is considering backdating tax reform to the start of this year to boost the economy.