White House readying 'cohesive' tax plan: Trump advisor

By Ovunc Kutlu

NEW YORK (AA) - The White House is preparing a cohesive tax reform plan, but it is unclear when it will be finished, Gary Cohn, director of the National Economic Council, said Friday.

"We are spending enormous amount of time on taxes," Cohn told Bloomberg Television in an interview.

"It is my number one agenda item right now," he said.

Tax reform has been a cornerstone of Trump’s campaign promises and a major agenda item since took office.

He promised to lower corporate tax rate to 15-20 percent from 35 percent, reduce the number of tax brackets to 3 from 7, and overhaul taxes on the middle-class.

Trump said two months ago that he would come up with a “phenomenal” tax plan within two or three weeks; but nothing has been revealed yet.

The stock market has rallied more than 10 percent since Trump's election as corporations and investors await the new tax code with enthusiasm.

The new tax plan, however, may not be announced before Congress' August recess.

"I don't know if it is August or not," Cohn said. "Getting it done well, and getting it done right is more important than getting it done soon."

The director said there would be meetings about the tax plan with leaders in Congress after the late-April recess.