Trump Signs Exec Order to Tackle Tax Reform

He told the Associated Press in an interview that he would release a tax package next week that would include reductions "bigger, I believe, than any tax cut ever".

"Tax reform is way too complicated", he said a couple of hours earlier in the White House during a briefing for reporters on the financial reform orders the president signed later in the day.

Trump also signed an executive order directing Treasury Secretary Steven Mnuchin to review "all significant 2016 tax regulations to determine if they impose an undue financial burden on taxpayers, are needlessly complex, create unnecessary requirements, or exceed what's allowed under law".

An op-ed for The New York Times, co-authored by anti-tax activist, publisher and two-time Republican presidential nominee Steve Forbes, plus fellow members of his Committee to Unleash Prosperity - which advised the Trump Campaign -- bemoans that: "Unfortunately, the White House seems all over the map on the subject".

Tax reform was one of Trump's major election promises.

But the BAT has already drawn fierce opposition inside and outside Capitol Hill, with opponents arguing that many companies would dramatically raise the prices of imported goods to help pay for the tax.

"President Trump is absolutely committed to make sure taxpayers are not at risk for government bailouts for entities that are too big to fail", he said.

Top spokesman Sean Spicer was last asked about the border adjustment tax in late February.

In the event the bill does make it through the Senate, which is unlikely, and signed by Gov. Hickenlooper, all USA presidential and vice presidential candidates would have to release their last five years of federal tax returns 90 days before the General Election. "We're trying to backfill from there", he said - by incorporating tax policy that would provide for that ambitious growth target.

Mnuchin said the scope of Treasury's regulatory review goes beyond rules tied to Dodd-Frank, which the president has called "horrendous".

Mnuchin reiterated that the Trump administration is planning to bring the high corporate tax rates down and simplify tax codes for individuals.

Americans for Tax Reform President Grover Norquist said this week that he's confident that tax reform will be passed despite recent delays.

The reason is that the market wasn't buying it. Trump isn't going to release a "plan" next week.

"But in terms of a piece of paper you can look at and say, 'Here's our bill, ' I don't think it will be ready by May", he continued.

Donald Marron, who served on former President George W. Bush's Council of Economic Advisers in 2008 and 2009, said the administration's seeming estimate of the favorable feedback effects from lower taxes was "surprisingly large", though he cautioned he hadn't seen the details of the plan.

  • Zachary Reyes