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Trump says he will release tax reform package next week

Trump says he will release tax reform package next week

"The president wants to make clear to the American people that we are going to fix the tax code". The review also asks Treasury to consider whether the liquidation rules "could lead to excessive risk-taking" by financial companies.

Mr. Trump said those new executive orders will mark the beginning of a "whole new way of life" for many Americans.

Trump's third executive order will "identify and reduce tax regulatory burdens", and it is about "financial stability", Trump said.

Some commentators suggest that Trump is rushing the tax announcement to give his administration a shot in the arm before the symbolic marker of its 100th day.

Trump plans a major cut in tax rates, focused on simplifying the tax code for individuals and families, lowering the corporate tax rate and a large tax cut for the middle class.

Trump signed an executive order to review major regulations set past year and simplify America's notorious tax filing process.

The other memo orders the Treasury to review a process that designates which non-bank firms could threaten the financial system if they fail. He said the administration is close to releasing its plan.

"We'll be having a big announcement on Wednesday having to do with tax reform", Mr. Trump said as he signed several executive orders dealing with financial matters at the Treasury Department. "It will be a big, big cut". That report must also be provided to the commander in chief within 180 days. "Ways and Means Republicans are ready to work with President Trump and his team on reforms that will grow our economy, create jobs, and increase paychecks". "I think everybody would agree the tax system is way too complicated". Once it does, it will head to Capitol Hill, where Trump, Mnuchin, and their aides will have to garner the support of the often-fractious House Republican caucus.

By running the risk of higher deficits, the Trump plan could damage the credibility of Republican lawmakers who spent years railing against the rising national debt under former President Barack Obama.

One of the most sweeping tax regulations imposed in 2016 was written by the Obama administration's Treasury Department and it made it much harder for companies to use a process known as "inversion" to incorporate overseas in places like Ireland so that they could avoid paying USA taxes.

Sen. Sherrod Brown, D-Ohio, assailed Trump for trying to undermine rules that were put in place to protect the economy: "Any actions to undermine these protections encourage Wall Street's risky behavior and leave taxpayers and our economy exposed to another catastrophe".

"If we can grow the United States economy, that's not just good for the USA worker, that's good for worldwide growth and it creates opportunities", Mnuchin said during a conversation with Christine Lagarde, Managing Director of the global Monetary Fund, yesterday.

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