Trump to unveil tax cut he says could be biggest ever
- Author: Leroy Wright May 04, 2017,
May 04, 2017, 23:55
The White House will offer "specific governing principles" for its tax plan this week along with indications of what new rates would be, but a complete proposal probably won't be ready until June, President Donald Trump's budget director said.
The first executive action instructs the Treasury Secretary Steven Mnuchin to begin the process of tax simplification. "So go to it".
Mnuchin tempered those comments on Thursday when he said a tax plan would come "very soon".
The presidential order asks Mr Mnuchin to review the tax regulations imposed by President Barack Obama previous year.
Most economists say it's unlikely that tax cuts can generate enough gains to avoid swelling the government's red-ink problem estimated to total $559 billion this year.
But a repeat of the healthcare debacle is possible regarding tax.
Speaking to reporters earlier on Friday, Mnuchin disputed the notion that his agency's review under the executive order would slow the administration's tax overhaul efforts.
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. "Such a big thing".
"The goal of the orders is to make clear what the president's and the administration's priorities are and to signify the importance of these issues to the American people", Mnuchin said.
The bill also modifies code for electors by requiring them to vote for a candidate whose name was on the ballot and complied with the tax return requirement. The basic 1040 tax form has grown from 34 lines and two pages of instructions to 79 lines and 211 pages of instructions.
The review of tax regulations could give greater leeway to companies looking to shelter income overseas, or simply seeking to reduce the time and money spent on completing personal and business tax filings. It might also touch on overlapping rules created to stop foreign-based companies from shifting their USA profits overseas.
This move by the president follows through on his campaign promise to stop Dodd-Frank from harming the financial system.
Trump also signed two presidential memoranda on the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which former President Obama signed in response to the 2007-2008 financial crisis.
"We're doing a major elimination of the horrendous Dodd-Frank regulations, keeping some obviously, but getting rid of many", he said April 11 in the White House.