President Trump promised Friday that the administration would announce a tax reform plan on Wednesday, one that would include major tax cuts.

"We'll be having a big announcement on Wednesday having to do with tax reform," Trump said at an executive order signing at the Treasury Friday afternoon. "The process has begun long ago, but it really formally begins on Wednesday."

In an interview with the Associated Press earlier in the day, Trump said that the proposal would be a "massive" tax cut, "bigger I believe than any tax cut ever."

Trump in the past has suggested that the administration would release a tax plan on a short timeline, only to have that timeline slip by.

Recently, however, his top advisers also have been saying that the plan is nearly ready to be rolled out.

Speaking Thursday, Treasury Secretary Steven Mnuchin said the plan would come out "very soon." Mnuchin added that it would be a comprehensive, sweeping plan, one intended to unite Republicans in the House and Senate.

Mnuchin also said the tax rate reductions would pay for themselves through faster economic growth.