Trump promises tax cuts for oil, gas producers

US President Donald Trump 

US President Donald Trump will enlist the help of Republicans in Congress to reduce the debt burden on households and companies, notably oil and gas producers, in a move that would ramp up production and curtail consumer costs, Reuters reported.

“We're going to dramatically cut taxes for families and for workers and for companies, including no tax on tips and hopefully no tax on Social Security and no tax on overtime,” Trump wrote in a post on “Truth Social” platform.

He also praised Congress for “doing a spectacular job of working together as one unified, unbeatable team.”

Trump has repeatedly stated during his election campaign that the energy industry is crucial for the country’s growth and wellbeing, promising to boost oil and gas output.

However, he has yet to provide details on the tax cut plan for domestic oil and gas producers, but has said it will be part of the largest tax cuts in US history.