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

US House banking chairman unveils Dodd-Frank replacement

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".

Match Previews: West Ham United v Everton
Everton should view this as a great opportunity to improve their away record and keep the pressure on those above them. There was speculation that Sakho did not travel after refusing to be a substitute, but Bilic said: "He was injured.

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.

Related News:

  • 5 things to know about Tax Day: refunds are up, audits down

    5 things to know about Tax Day: refunds are up, audits down

    Two And A Half Men star Jon Cryer and comedian Andy Richter joined thousands of people at a march in Los Angeles . In March, investigative journalist David Cay Johnston received a copy of Trump's 2005 tax return summary .

    Goldman Sachs' profits miss forecasts as trading struggled

    Shares of the company slid 3.5 percent to $218.25 at 9:32 a.m.in NY , the worst performance in the Dow Jones Industrial Average. For the first quarter of 2016 , the financial giant reported diluted earnings per share of $2.68 on revenue of $6.34 billion.

    Circuit Court of Appeals Grants Motion to Vacate Stays of Execution

    Ward's attorneys have argued he is a diagnosed schizophrenic with no rational understanding of his impending execution. But that isn't the only legal roadblock that the state faces as it looks to execute its first inmate since 2005.
  • Microsoft Unveils 'Microsoft To-Do', the Successor to Wunderlist

    Microsoft Unveils 'Microsoft To-Do', the Successor to Wunderlist

    The new app bears a striking resemblance to Wunderlist and even offers the ability import existing Wunderlist lists. It will automatically sync your Tasks with To-Do , and allow you to access and manage them across devices .
    John Kelly: 'Even a single DUI' could lead to deportation proceedings

    John Kelly: 'Even a single DUI' could lead to deportation proceedings

    He indicated that now, convictions for driving under the influence could start the process toward deportation. Southern Command, often dealing with narcotics smuggling from Central and South America and the Caribbean.
    Sheriff's deputy shot in Oklahoma; suspect at large

    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.
  • Supreme Court bans Jehovah's Witnesses in Russia

    Supreme Court bans Jehovah's Witnesses in Russia

    The judicial action came after a request from the Russian Ministry of Justice to label the Jehovah's Witnesses an extremist group. Jehovah's Witnesses do advocate the shunning of nonbelievers of their particular faith, even family members.

    Facebook murder suspect kills himself after police pursuit

    Lane said the last time she talked to Stephens was Saturday night and he told her he had quit his job and was moving out of state. Until the investigation is complete, Williams said, " we won't actually know where he was and what he was doing ".

    Trump Signs Bill Letting States Block Some Abortion Provider Funding

    Dannenfelser told the New York Times that redirecting funding away from organizations that provide abortions is a "winning issue". The bill reverses a rule the Obama administration issued late a year ago to protect funding for Planned Parenthood.
  • Samsung will try to fix the S8 reddish Infinity Display

    Samsung will try to fix the S8 reddish Infinity Display

    Lastly, Google Play Music will be integrated into Samsung's new virtual assistant Bixby when it launches later this spring. Enough of them spoke up that Samsung has now made a decision to take the matter into its own hands.

    Trump Slams Former Presidents Clinton, Obama While Discussing North Korea Policy

    It also deployed its nuclear-powered Carl Vinson Strike Group, which had been en route to Australia, toward the Korean Peninsula. Speaking today he also described the failed missile test as an "unsuccessful military attack" on the US.

    OH police hunt for Facebook killer

    Marcia Fudge of Warrensville Heights, whose district includes Cleveland's Glenville neighborhood, where Godwin was shot. She also said Stephens was "a nice guy" who was generous to everyone and was "kind and loving" to her and her children.


Most liked

Government of India bans use of red beacons on VIP vehicles
Modi's politically shrewd move has been widely welcomed, but the main opposition Congress party has taken a dig at the decision. Back in 2013, the Supreme Court said the use of beacons on cars used by officials are "ridiculous and synonymous with power".

Volkswagen to pay $2.8 billion in US diesel emission scandal
In his ruling on Friday, Judge Cox said, "I can't believe the VW is in this situation that it finds itself in today". Justice Department has charged seven current and former VW executives with crimes related to the scandal.

Microsoft reveals more new features are coming soon
The company shipped its latest preview build of Windows 10 on Tuesday , and this comes with a new power throttling feature. But Microsoft's announcement says "Each Windows 10 feature release will be serviced and supported for 18 months ".

DeMar DeRozan: Reeling Raptors will be "a different team" in Game 4
All of this is exhausting to think about; in the third quarter, Antetokounmpo blocked a Norman Powell shot with his elbow. Toronto's 77 points were the franchise's fewest in a playoff game since scoring 63 against Detroit on April 21, 2012.

Donald F. Boesch: We need more science, not less
Organizers said the marches come at a time of attacks on research budgets and evidence-based science. Whether or not there's a march planned in your area, organize in your community.

DOJ to Landrieu: prove immigration compliance or risk losing grant
The sanctuary cities were a reaction to Obama-era policies that enlisted local police in immigration enforcement. Sessions said earlier this week that sanctuary cities undermine efforts to fight violent gangs.

Verizon was hemorrhaging subscribers until unlimited data launched
The deal brings to Verizon Yahoo's more than 1 billion users and a wealth of data it can use to offer more targeted advertising. In first-quarter 2017, Verizon added a net of 35,000 Fios Internet connections and lost a net of 13,000 Fios Video connections.

Are the Celtics worse than we thought or are the Bulls better?
RoLo should be a force in this series from here on out, regardless of what Brad Stevens throws at him in subsequent games. DeMar DeRozan scored 23 points and produced the go-ahead jump shot late in the fourth quarter.

Google plans to launch its own ad-blocker in Chrome
The increased adoption of ad-blockers has caused ample strain for many sites, some of which have buckled under the burden. For instance, auto-playing video ads with sound and large sticky ads would be out.

Confirms 3 pct growth forecast for Serbia in 2017
Trump said last week that one of the reasons is that he's relying on savings from the health bill to support the tax plan. China's economy has steadied, thanks to government spending and an easy-money credit boom.

Trump takes aim at Canada's dairy industry
President Donald Trump just targeted a new opponent - Canada's dairy trade industry. However, time is running out for other Wisconsin dairies.

People are freaking out over Starbucks Unicorn Frappuccino
Here's the thing about Starbucks' latest drink: If you don't like the color or flavor, just give it a stir. Starbucks may have taken inspiration from a similar food fad from a few months ago - unicorn lattes.

Russian Federation relations may be at their worst, says Donald Trump
It was Assad's first since the alleged April 4 chemical weapons attack prompted a USA cruise missile strike on a Syrian air base. Assad denied having chemical weapons and said Syria would only allow an "impartial" investigation into the incident.

Syria president Assad says chemical attack a United States fabrication
Its findings, expected in three to four weeks, will be passed to a joint United Nations-OPCW chemical weapons investigation. Assad denied having chemical weapons and said Syria would only allow an "impartial" investigation into the incident.

Gareth Bale Ruled Out of Real Madrid vs. Bayern Munich
Not about how we make the decision, or whether we will change the team shape". "It could be Isco , it could be any of them". I have the decision made, but I will not tell you our plans, I'm sorry.