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The Latest: Treasury chief cites ‘largest tax reform’ ever

Treasury Secretary Steve Mnuchin points to a member of the media as he answers questions during the daily briefing in the Brady Press Briefing Room of the White House in Washington, Monday, April 24, 2017. (AP Photo/Pablo Martinez Monsivais)
Treasury Secretary Steve Mnuchin points to a member of the media as he answers questions during the daily briefing in the Brady Press Briefing Room of the White House in Washington, Monday, April 24, 2017. (AP Photo/Pablo Martinez Monsivais) Treasury Secretary Steve Mnuchin points to a member of the media as he answers questions during the daily briefing in the Brady Press Briefing Room of the White House in Washington, Monday, April 24, 2017. (AP Photo/Pablo Martinez Monsivais)

By Associated Press 1 min read

WASHINGTON (AP) – The Latest on President Donald Trump’s tax overhaul (all times EDT):

8:50 a.m.

Treasury Secretary Steve Mnuchin (mih-NOO’-shin) says President Donald Trump’s tax plan will amount to – in Mnuchin’s words – “the biggest tax cut” and the “largest tax reform” in U.S. history.

Mnuchin gave that description during a speech in Washington on Wednesday morning. The White House is set to release the broad outlines of Trump’s proposed overhaul later in the day.

Trump wants cuts for individuals and businesses, even as the government struggles with mounting debt. The president is trying to make good on promises to bring jobs and prosperity to the middle class.