Published: Sun, April 23, 2017
Markets | By Lucia Cruz

Trump says he will release tax reform package next week


He also teased that there will be a "big announcement" on tax reform next Wednesday.

"In consultation with President Donald J. Trump, the Treasury Department will not be issuing waivers to USA companies, including Exxon, authorizing drilling prohibited by current Russian sanctions", the Treasury secretary said in a statement.

Obama-era regulations on so-called corporate inversions are among the rules the Treasury Department will review and potentially alter, Secretary Steven Mnuchin indicated on Friday.

"W$3 e will outline our broad principles and priorities", the official said.

Trump's statement earlier on Friday had caught many congressional aides - and even some administration officials - offguard, as they thought they were working on a slower timetable.

And it is still not clear if Mr Trump - who is heavily invested in real estate - will get behind House Republican's push to abolish tax deductions for interest payments by business. Both reviews are to be completed within 180 days.

During a Friday afternoon interview with the Associated Press, President Trump said he will unveil a "massive" tax cut for individuals and businesses on "Wednesday or shortly thereafter".

"Under the previous administration, the tax code has become extremely expensive and burdensome", Mnuchin said. It came from the White House. Had that spending cut been achieved, the Trump Administration could possibly have pushed tax cuts through without the need to ask Congress to raise America's debt ceiling. "It is fair to say it is probably delayed a bit because of the healthcare".

"The objective 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.

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Under former US president Barack Obama, the US Treasury sought to rein in US companies' attempts to shift their profit offshore by proposing rules that would curb so-called "earnings stripping" and inversions - mergers in which US companies transfer their tax address overseas to low-tax countries like Ireland to cut their tax bills.

As a candidate, Trump promised to cut the corporate tax rate and to cut income taxes for middle-class families. "It will be a big, big cut". Adding to the confusion, the White House has identified specific regulations that it says are impeding lending but not moved to undo them.

"They'll be dancing in the streets and jumping for joy", Willens said.

President Donald Trump is a walking disaster.

A government shutdown deadline, maybe a second try at pushing a health care overhaul bill through the House, an image-focused president approaching his 100th day.

One reason why overhauling the tax code is so hard is because it is very hard to do it without dramatically widening the deficit.

The fact is that although Reagan's tax cuts produced some extra revenues in the beginning, under Reagan's watch, federal debt tripled from $800 billion to almost $2.5 trillion, the largest peacetime debt in history.

But to avoid that mistake again in tax reform, Trump probably needs a plan.

The President said that he will also open up lending to small businesses.

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