Trump promises Americans 'radical' tax cuts.

U.S. President Donald Trump stated that he will work with Republicans in Congress to significantly cut taxes for individuals and companies.

"We will radically cut taxes for families, workers, and businesses, including eliminating the tip tax and, hopefully, the payroll tax and the overtime tax," Trump said at a conference hosted by the Saudi sovereign fund in Miami, according to Reuters.

According to Trump, his plan also includes tax cuts for domestic oil and gas producers and will allow companies to write off 100% of investments in building new domestic plants and other capital expenses.

"If you buy something that will be beneficial for our country, we will allow you to write it off," Trump said.