Trump announces tax plan as stock market drops

Trump announces his tax plan Wednesday, saying it will cut taxes and reduce the burden on middle-class families.

The tax plan is expected to raise $1 trillion, or 10% of gross domestic product, in the first year and create 1.8 million jobs, according to the White House.

While the plan will create many more jobs in the long term, it will have a significant impact on the middle class in the short term.

In addition to lowering taxes, Trump’s plan is also expected to provide tax relief for companies that buy back stock and dividends.

Trump is scheduled to unveil the plan in a news conference Thursday at the White the White house.