Trump to unveil tax reform plan next week

Trump to unveil tax reform plan next week

Trump to unveil tax reform plan next week

President Donald Trump says businesses and individuals will receive a "massive tax cut" under a tax reform package he plans to unveil next week.

In his first visit to the Treasury building, Trump will sign two memos, both viewed by analysts as largely symbolic gestures. (AP Photo/Alex Brandon) President Donald Trump, accompanied by Treasury Secretary Steve Mnuchin, gives a thumbs up as they walk at the Treasury Department in Washington, Friday, April 21, 2017.

Mnuchin said on Thursday that the review he will present Trump in June will include recommendations for new legislation, changes to regulation, and new executive orders.

Federal Reserve Vice Chairman Stanley Fischer said in a Friday interview with CNBC that there are aspects of the Dodd-Frank law which if taken away would have "potentially serious impacts on the economy, not immediately, but when times get tough".

Robert Willens, an independent tax consultant, said reversing these rules would be a gift to Wall Street bankers and lawyers who have complained that global deal making has been hampered by the regulations.

Mnuchin defended the timing of the executive order ahead of the release of the tax reform bill, saying some regulations wouldn't be addressed by the as-yet-unseen tax reform bill, which is why Trump's executive order is necessary.

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Japanese shares hit 1-1/2 week highs as bets that United States tax reforms are gaining traction and comments from a Federal Reserve official affirming that three Fed rate hikes this year remain appropriate helped weaken the yen against the dollar. The other demands a review of the Orderly Liquidation Authority, a government entity charged with laying out how large banks can maneuver through a financial crisis.

"People can't do their returns", Trump said.

Asian stocks rose broadly on Friday after the Nasdaq Composite index in NY hit a record high overnight, buoyed by solid earnings from American Express and others and on optimism for a U.S. tax overhaul.

Mnuchin says economic growth will pay for "majority" of tax reform; Bill O'Reilly could collect fat payout; and feds accuse Ocwen Financial of il... Mnuchin said Thursday that administration officials are looking at whether there should be four brackets instead of three. It also asks the secretary to look at whether giving regulators such powers would create costs for taxpayers or lead banks to take excessive risks.

Republicans have said the designation is not fairly applied in some cases. That report must also be provided to the commander in chief within 180 days.

Wednesday's announcement isn't expected to be a specific legislative proposal, but the plan is to provide more details than what the White House has issued so far, a senior administration official said.

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