The White House will release the "broad principles and priorities" of their plans to overhaul federal taxes on Wednesday, a White House official said Friday night, downplaying expectations that the Trump administration would reveal key details underpinning the plan.
Trump signed an executive order to review major regulations set a year ago and simplify America's notorious tax filing process. "They're too complicated", he said. Maybe this is all about the spine-tingling drama of whether it will happen within Trump's first 100 days, since all of America waits with bated breath for the answer to that question.
The first executive order Trump signed enables Treasury Secretary Steven Mnuchin to begin the process of "tax simplification". "The president wants to make clear to the American people that we are going to fix the tax code".
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.
But on Sunday, Office of Management and Budget Director Mick Mulvaney appear to cast doubt on Mnuchin's statements, saying the White House still hadn't decided whether to pursue a long-term or short-term tax overhaul. He argues it is too onerous on lenders, making it hard for American businesses - like his Trump Organization - to get credit. "We want opportunity for everyone and in every single part of our country", Trump said. "You can either have a small tax cut that's permanent or a large tax cut that's short term".
"Big TAX REFORM AND TAX REDUCTION will be announced next Wednesday", the president announced in a tweet.
Mnuchin declined to give further details. "And we expect with doing that we will bring back trillions of dollars from offshore".
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White House officials have said there are several basic principles to their tax plan. But he has yet to publicly embrace the move since taking office, and his decision to do so now could set up a showdown with Congress over a proposal that would most likely blow up the deficit.
Meanwhile, Trump is embarking on new steps to dismantle some of the tax and financial regulations established by former President Barack Obama.
"This idea that [Trump's plan] can be paid for even mostly by growth doesn't equate with any economic analysis or theory".
"I'm also issuing two directives that instruct Secretary Mnuchin to review the damaging Dodd-Frank regulations that failed to hold Wall Street firms accountable", Trump said.
An op-ed for The New York Times, co-authored by anti-tax activist, publisher and two-time Republican presidential nominee Steve Forbes, plus fellow members of his Committee to Unleash Prosperity - which advised the Trump Campaign -- bemoans that: "Unfortunately, the White House seems all over the map on the subject".
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". While they would only need 50 votes to do so, the tax cuts would expire in 10 years, which the administration does not consider optimal.