Trump says 'massive tax cut' plan coming as soon as Wednesday

Trump signs executive orders for tax overhaul

The President will also sign an executive order directing Mnuchin to examine if any significant tax rules impose an undue burden on United States taxpayers, add unnecessary complexity or exceed statutory authority.

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. In the case of Dodd-Frank, Trump already ordered the Treasury Department in early February to consult with regulators on a review of the entire law and report back in four months.

"Ironically, if those regulations were eliminated, which we all expect that they will be.that would encourage inversions, which is arguably contrary to President Trump's America first stuff", Willens said.

Federal Reserve Vice Chairman Stanley Fischer said in a Friday interview with CNBC that there are aspects of the Dodd-Frank law which if taken away would have "potentially serious impacts on the economy, not immediately, but when times get tough". Subsequent gains in tax revenues produced by quicker economic growth would only be an additional bonus.

The presidential order asks Mnuchin to review the tax regulations imposed by President Barack Obama in 2016.

Mnuchin said dynamic scoring could give Trump and Congress a $2 trillion revenue cushion for the first major overhaul of the USA tax code since 1986.

One of the memoranda will look at the Financial Stability Oversight Committee's (FSOC) designation process of significantly important financial institutions, commonly known in regulatory speech as "SIFIs".

Sheriff's deputy shot in Oklahoma; suspect at large
Authorities across Oklahoma were alerted to Leforce's flight and instituted measures like checkpoints and search perimeters. Officials told our affiliates KFOR that deputy was shot multiple times near I-35 and Mulhall Road in Logan County, Oklahoma.

US President Donald Trump will order the Treasury on Friday to find and reduce tax burdens and review post-financial crisis reforms that banks and insurance companies have said hinder their ability to do business.

"It's such a big thing", said Trump.

President Donald Trump has made no secret of the fact that he wants to deregulate the big banks, but on Friday he took his deregulatory fetish to a whole new level.

The Treasury secretary said the goal of the review was not to throw out all the rules to safeguard the financial system, but to ensure "proper regulation".

"We should be working to lower taxes for hardworking families and workers across OH, not helping multimillion-dollar corporations cheat the system to avoid paying their fair share", Brown said. He did not provide further details, AP reported. That report must also be provided to the commander in chief within 180 days. Trump's order directs Mnuchin to determine if the authority could lead to costs for the Treasury, and hence to taxpayers.

The administration presents the review as a way to make the tax code less complex for American taxpayers, citing the growing list of line items on the individual income-tax form.

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