Trump says he will release tax reform package next week

Robyn Valdez
April 22, 2017

A White House official said on Thursday that Mr Trump will issue an executive order directing the Treasury on the tax issues.

The orders, which Mr Trump will sign at the Treasury Department, next door to the White House, comes as the president works toward making good on a major campaign promise to lower taxes. The most telling: Treasury secretary Steven Mnuchin will review every tax regulation issued in 2016 to evaluate which should be repealed or modified.

Trump promised that within his first 100 days he would introduce the "Middle Class Tax Relief and Simplification Act" which he said would, "grow the economy 4% per year and create at least 25 million new jobs through massive tax reduction and simplification".

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Trump is turning his attention to financial reform again as a top House Republican this week unveiled the latest version of legislation to replace Dodd-Frank, which was enacted in the wake of the financial crisis. But, like Mnuchin, he emphasized the importance of dynamic scoring (i.e., aggressive growth assumptions based on Trump's economic policies).

Mnuchin defended the timing of the executive order ahead of the release of the tax reform bill, saying some regulations wouldn't be addressed by the as-yet-unseen tax reform bill, which is why Trump's executive order is necessary.

One temporarily bars regulators from identifying new non-bank financial institutions as "systemically important financial institutions", or SIFIs, while also ordering a review of this process, Mnuchin said in a briefing with reporters.

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And although President Donald Trump's administration is already pushing for comprehensive overhaul of the USA tax code in legislation, it's important to review Obama-era regulations as well, Mnuchin said Friday at the White House, where he detailed the provisions in an executive order President Donald Trump will sign later in the afternoon.

"We'll be having a big announcement on Wednesday having to do with tax reform". Mnuchin on Friday said the administration has been "working closely with Chairman Hensarling" on overall financial regulation reforms, but he did not comment on specific provisions. Mnuchin had previously said his team was already looking into both the SIFI designation process and the use of orderly liquidation. "Whenever you heard about an inversion and how the tax rate of the combined company was going to be startlingly below what the USA company's historically was, that was because of earnings stripping", he said. It also asks the secretary to look at whether giving regulators such powers would create costs for taxpayers or lead banks to take excessive risks.

The border-adjusted tax is estimated to raise more than $1 trillion in revenue over a decade, which could help pay for cuts to the individual and corporate tax rates that Trump and House Republicans want. While he didn't specify timing of a tax plan, he said earlier this month the administration is still committed to passing a plan to overhaul the tax code this year.

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