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President Donald Trump will vow to slash the corporate tax rate and give “massive tax relief” to the middle class during a major speech to Congress on Tuesday night.

Investors have been eagerly awaiting any word on what shape tax reform under President Trump might take. According to excerpts from a speech he will deliver Tuesday night to federal lawmakers – his first since taking office in January– Mr Trump will say that his team is working on “historic tax reform that will reduce the tax rate on our companies so they can compete and thrive anywhere and with anyone.”

He will also say that “massive tax relief” is on the way for middle earners.

The president will say he plans to unveil policies that “restart the engine of the American economy” by making it easier to do business in the US “and much harder for companies to leave”.

President Trump has said that he plans to tackle tax reform while in office, although recently has signalled that it may be put off until healthcare legislation.

Copyright The Financial Times Limited 2017. All rights reserved.

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