Trump says he will release tax reform package next week

U.S. President Donald Trump greets Treasury Secretary Steven Mnuchin during an event to sign financial services executive orders at the Treasury Department in Washington U.S
Trump says he will release tax reform package next week
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22 April, 2017

U.S. President Donald Trump ordered the Treasury Department on Friday to examine two powers given to regulators to police large financial companies following the 2008 financial crisis, Treasury Secretary Steven Mnuchin said.

House Republicans are also working to loosen Dodd-Frank regulations. Pfizer executives braced themselves for blowback from the Obama administration - but were surprised by how aggressively the White House fought the deal.

While the secretary has more recently backed away from meeting his own August deadline, Mnuchin's comments on Thursday reinforced his own commitment to finalize an overhaul of USA tax policy in 2017.

Mnuchin said the White House's tax plan wouldn't increase the deficit because lower rates would be mostly offset by economic growth that would keep revenue steady.

Asian stocks rose broadly on Friday after the Nasdaq Composite index in NY hit a record high overnight, buoyed by solid earnings from American Express and others and on optimism for a U.S. tax overhaul. He said that the administration was working on a soon-to-be released comprehensive tax reform plan that would address the problem of companies moving overseas. Futures suffered their largest decline in weeks (http://www.marketwatch.com/story/oil-steadies-as-investors-await-eia-inventory-report-2017-04-19) on Wednesday after a surprise climb in USA gasoline supplies.

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The US official said the administration's key focus is around fair and balanced trade and investment, but he steered clear of the tensions among finance officials gathered for the semi-annual meeting of the International Monetary Fund due to the worrisome protectionist rhetoric out of Washington.

Mnuchin has worked on the tax plan for months, but details have remained fluid, with White House officials considering a range of options in how they restructure the tax code.

"Fundamentally, fewer brackets, less deductions, simpler tax code", said Mnuchin. "The president wants a trillion dollars' worth of work on the ground and we're going to give it to him". However, the Trump administration previously set deadlines for releasing its tax plan that it did not meet.

Dynamic scoring is a little-known government forecasting method that uses economic modeling to predict changes in revenues resulting from economic growth spurred by new tax and economic policies.

Mnuchin said Trump's tax priorities are to simplify personal taxes, create middle-class tax cuts and make business taxes competitive. Most Democrats won't support a tax plan that simply cuts tax rates and Republicans have a narrow advantage in the Senate. While Mnuchin said no specific rules were being targeted, he acknowledged that Obama rules on so-called "inversions" would be among them.


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