Trump says he will release tax reform package next week

Posted April 22, 2017

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 USA tax overhaul.

"It's such a big thing", said Trump.

One mandates a review of the process for identifying non-bank financial institutions as "systematically important financial institutions" and temporarily halts such designations, and the other puts a temporary stop to the use of "orderly liquidation authority" to unwind troubled financial institutions and calls for a review.

U.S. stocks surged on Thursday, with the Nasdaq closing at a record, after Steven Mnuchin, the United States treasury secretary, said that he expects the Trump administration to reveal its tax reform proposal "very soon".

That order could be aimed at rules enacted by the Obama administration to crack down on so-called inversions in which companies shift their headquarters overseas to reduce their USA tax bills.

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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.

Then, minutes later, at the Treasury Department, during a signing of three executive orders, Trump issued another conflicting statement.

President Trump said Friday his administration will release a tax reform package next week.

Mnuchin said taxpayers won't be left on the hook.

Earlier in the week, Mnuchin had backed off his vow to get tax reform through the Congress by the summer break that lawmakers take in August - his latest prediction is just a few months after that, at the end of the year.

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The United States will not make an exception for American companies, including oil major Exxon Mobil Corp, seeking to drill in areas prohibited by US sanctions on Russia, Treasury Secretary Steven Mnuchin says.

Mnuchin and his Treasury staff are already fulfilling a prior request by the president to review regulations and find ways to reduce the burdens on businesses. "This has to do with the complexity of tax regulations". Cohn said the administration's plan would be in line with campaign promises made by the president to lower rates, to simplify and to increase US competitiveness.

When asked whether the reform plan would be "revenue neutral", Mnuchin said the "deal will pay for itself". Their goal, he said, is to make sure regulatory reform frees banks to lend without putting taxpayers at risk.

The secretary of Treasury must provide the president with a report within 150 days recommending specific action.

One thing that is generally agreed upon, by numerous people tracking tax reform, is that the White House will have to be the driving force behind a tax overhaul.

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Pence signed baseballs for players and was presented with two jerseys at Wednesday's gathering with dozens of young ballplayers. Trump and commended the troops for their vigilance "here along this historic frontier of freedom".