Trump says he will release tax reform package next week

Trump says he will release tax reform package next week
Trump says he will release tax reform package next week
Author

22 April, 2017

President Donald Trump will sign an executive order to review any major tax regulations set a year ago by his predecessor, as well as two memos to potentially reconsider major elements of the 2010 Dodd-Frank financial reforms passed in the wake of the Great Recession.

House Republicans are also working to loosen Dodd-Frank regulations.

Therefore, both the White House and Congress agree that the federal government can afford to implement such a massive fiscal stimulus in terms of the significant initial costs. Specifically, the Treasury will be tasked with finding taxes and regulations that add undue burdens for the American taxpayer or exceed statutory authority, Reuters reports.

Asked whether a huge tax cut would enlarge the USA budget deficit, Mnuchin acknowledged there would be an impact but said it will balance out once the positive growth anticipated from the increased investment is factored in, a calculation method known as "dynamic scoring".

But the major target of the outrage was the Pfizer-Allergan deal, by far the biggest effort by a company to give up its USA citizenship to cut its taxes.

Mnuchin promised Thursday the administration promises to release a "major tax reform" package "very soon", regardless of "whether health care gets done or health care doesn't get done". "We're working with the House and having discussions on the specifics of it".

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"We're not going to do anything that makes USA businesses less competitive", Mnuchin said.

On Thursday, Mnuchin acknowledged that eliminating loopholes and deductions will finance only a portion of Mr. Trump's ambitious plan to overhaul the nation's tax code. But rules came under fire from Republicans, who said the measures overstepped administration authority and could discourage foreign investment in the United States. "If you want to insist on having a tariff on our product, the president believes we should treat you in a reciprocal fashion". Democrats also remain in unanimous opposition to any form of repeal and replace at this point, so the road ahead appears tumultuous at best.

The revenue effect of any tax plan would be evaluated under what's called "dynamic scoring", which means the impact of the tax policies on economic growth and consumer well-being would be taken into account. "We would like a permanent solution".

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.

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".


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