US President Donald Trump has reportedly ordered aides to draft a tax reform plan that cuts corporate rates down to 15% in spite of the effect it would have on national debt and the budget deficit.

Such a move could cost the US government up to $2tn (£1.57tn) over a decade, however Trump reportedly told his team to "get it done" by Wednesday (26 April).

Trump is believed to be pushing for the tax reform plan so he can boast a major policy victory within his first 100 days of government, but the proposal is expected to face opposition from Republicans in the House of Representatives.

It follows Trump's failed attempt to repeal the healthcare bill, also known as Obamacare, in March, which also did not receive enough Republican support.

Government officials who told the Wall Street Journal (WSJ) about the plans said Trump was not so worried about the budget deficit, and more concerned about simply getting the tax cut passed.

If the measure did pass, however, it would be the biggest change to the US tax code since former President Ronald Reagan was in office. The current corporate tax rate is 35% and each percentage-point cut reduces federal revenue by $100bn, according to WSJ analysis.

In spite of the expected effect on the debt and the deficit, Trump officials declared the changes would "pay for themselves" as the economy grows.

It was also announced that tax loopholes could be closed to help balance the books, but most economists believe that such a large tax break could not be adequately paid for.

US President Donald Trump is under pressure to get the tax reform bill passed Reuters

Jared Bernstein, who was an economic adviser to former Vice President Joe Biden, told the WSJ: "They will lose a boatload of revenue that we can't afford to lose and far more than his team will offset by closing loopholes.

"These promises about all kinds of growth and investment that are going to be triggered by these tax cuts never appear, and the empirical historical record is clear on that."