US companies have been asked to disclose the details of their tax plans ahead of President Donald Trump’s anticipated tax overhaul on Friday.
The White House on Friday requested that all U.S. companies submit the details by October 15, citing an increase in corporate tax rates that are expected to hit a record high of 25%.
A group of lawmakers, led by Democratic Sen. Ron Wyden of Oregon, has proposed that the tax rates be cut from current levels of 12.5% to 8%.
In a statement, Wyden’s office said the White House request would provide the most detailed tax plan yet and that the administration will release the details later on Friday and release more details on a second date.
“The White Trumpet is asking us to provide them with the details, not only in terms of what they are going to pay, but also the amount they will pay, and the kind of rate cuts that they will be proposing,” Wyden spokesman Drew Hammill said in an email.
The Whitehouse request is not the first time that the president has asked companies to reveal their tax bills.
In June, Trump said that the “highest tax rates on the rich and corporations will be eliminated.”
In July, Trump asked companies that have been hit with massive tax increases, such as Boeing and General Electric, to provide information about the details.
Earlier this year, Trump requested that companies disclose information about their tax rate cuts, which were originally projected to be 15%.
The White House has not provided any details about how companies are going “to be paid for” the proposed cuts.
Wyden’s plan has been met with opposition from the Chamber of Commerce and other business groups, which argue that the proposed tax cut will hurt the economy and threaten the livelihoods of millions of Americans.