The White House will offer "specific governing principles" for its tax plan this week along with indications of what new rates would be, but a complete proposal probably won't be ready until June, President Donald Trump's budget director said.
Trump said in a Twitter post Saturday that tax reform and reduction would be announced this week.
"What you're going to see on Wednesday is for the first time is, here's what our principles are, here are some of the ideas that we like, some of the ideas we don't like, and we can talk about that more if you want to," Mick Mulvaney, director of the Office of Management and Budget, said on "Fox News Sunday." "Here are some of the rates we're talking about."
Asked about his previous comments that the full plan with bill language probably won't be released until June, Mulvaney said "that's still probably fair." The administration has started working with House and Senate committees "as we try and build some momentum for this tax plan," he said.
Mulvaney said the administration hasn't decided whether its plan will be revenue-neutral, which would be needed to meet the criteria set by lawmakers to make tax changes permanent, or will add to the national debt.
"You can either have a small tax cut that's permanent or a large tax cut that is short-term," Mulvaney said. "I don't think we decided that. But you'll know more on Wednesday."
Bloomberg News reported Friday that Trump's plan probably won't include a border-adjusted tax, suggesting that the president's proposal won't be revenue-neutral. That's because the border tax that House Speaker Paul Ryan, R-Wis., has proposed would generate more than $1 trillion in revenue over a decade, helping to offset the cost of individual and corporate rate cuts.
Treasury Secretary Steven Mnuchin and other senior officials have signaled that the administration is more concerned about growth and job creation than revenue neutrality.
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(Lynnley Browning and Rich Miller contributed to this report. Niquette reported from Columbus, Ohio.)
