Trump to announce major tax reform next week

Trump did not get into details, but he did say the cuts in his plan would likely be the biggest ever, according to the AP.

The president sais the package will be released on "Wednesday or shortly thereafter" - just before his 100 day mark in office.

In his first visit to the Treasury Department next to the White House, Mr. Trump signed an executive order directing Treasury Secretary Steve Mnuchin to begin a process of simplifying or eliminating some tax rules.

"It will pay for itself with growth", he said of the tax plan which he expects to introduce before the end of the year.

A key Senate committee has yet to see final details of a White House plan, a congressional aide said. He said administration officials are grappling on how well that portion of Ryan's plan would contribute to economic growth.

Like most of Trump's regulatory executive orders, Friday's presidential actions will have little effect by themselves.

The president had been expected to push for tax reform after repealing and replacing Barack Obama's healthcare legislation, but that effort crashed and burned in Congress.

Trump and Republicans in Congress view tax reform as the best vehicle for eliminating what they say are tax incentives for U.S. companies to move their headquarters, manufacturing facilities and jobs overseas.

Trump will order an assessment of how the FSOC designates a financial institution as "systemically important", which triggers requirements to hold more capital in case it comes into crisis.

Trump promised back on February 9 that the White House would release a tax plan "in the next two or three weeks".

"But the majority of it (the fiscal stimulus package) will be made up by what we believe is fundamentally growth and dynamic scoring", Mnuchin said, referring to the Laffer curve rule.

Mnuchin said U.S. corporate tax rates are among the highest in the world, and have caused companies to understandably park their earnings offshore. Trump will order a review of this as well, Mnuchin said.

The blueprint calls for lowering the 35 percent corporate tax rate to 20 percent and the 39.6 percent individual rate to 33 percent. Regardless, he is still confident that an overhaul of the USA tax code will happen before the year is up. His relationship with Republicans in the legislature deteriorated, and in primary and general elections past year, a wave of Democrats and centrist Republicans defeated numerous conservatives who had stood by him.

"I don't like the word "adjustment", because our country gets taken advantage of, to use a nice term, by every other country in the world", Trump told Fox Business News last Wednesday. While the President is still reluctant to cut budget spending dramatically because the administration is aware of the economic despair which tens of millions of USA households find themselves in, Congressional Republicans envision strict austerity as a means of trimming the cost of the fiscal stimulus package.

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