Friday, 16 November, 2018

Trump says he will release tax reform package next week

Ellis Copeland | 23 April, 2017, 02:41

President Donald Trump on Friday will order the U.S. Treasury Department to review Obama-era rules written to discourage U.S. companies from moving their headquarters overseas to cut their tax bills, Treasury Secretary Steven Mnuchin said.

The plan will propose a "massive tax cut" for individuals and businesses, Trump told the AP. But he added that Trump's order on tax reform, specifically, is "much more symbolic, rather than substantive, because it's asking for a report".

The Wednesday announcement will largely be about PR and positioning.

During an appearance at the Treasury Department, Trump is scheduled to sign two presidential memos ordering six-month reviews of the 2010 law's authority for regulators to designate large firms as a risk to the financial system and to try to shut them down with minimal collateral damage if they're on the verge of failing, the White House said. His new deadline is the end of the year.

The White House is insanely claiming that Congress will vote on healthcare, tax reform, and keep the government open next week, even though Congress is only in session for four days, and Republicans have no votes scheduled. "ABA and our member banks are actively participating in the process".

There are now three separate reviews of banking rules - Trump also asked Mnuchin for a separate, broader review in February - but the White House's steps so far have been uneven, leaving many to question its approach and strategy. This will be the excuse for major tax cuts.

Congress recently failed in efforts to make good another Trump campaign promise to reform healthcare.

Second, allow businesses to immediately deduct the full cost of their capital purchases.

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Trump, who campaigned on a populist, pro-worker platform, could seize the moment to introduce changes to the tax code that address the disconnect between soaring corporate profits and CEO compensation on the one hand, and stagnant wages for most workers on the other. House GOP leaders are hoping he'll endorse their so-called border adjustment tax, or BAT, which would impose a 20 percent tax on imports and eliminate export taxes.

The third point already seems problematic.

In a signing ceremony at the Department of the Treasury, Trump will once again signal that he intends to roll back numerous sweeping regulations the Obama administration adopted in the aftermath of the 2008 financial crisis.

Another complication is caused by failure to repeal the Affordable Care Act (aka Obamacare), which the neutral Congressional Budget Office said would save $US200 billion over 10 years. Now it nearly definitely will, and that won't sit well with deficit hawks.

"The U.S. economy is well positioned", Mnuchin said Saturday in a conversation with IMF Managing Director Christine Lagarde during the organization's spring meetings in Washington.

But "decade" is the operative word.

"When you make an investment, it doesn't mean the building rises up the next day, or the factory rises up the next day, or the services are available the next day", Forbes said. The G-20 finance officials generally agreed with the assessment made by the International Monetary Fund on Tuesday in its latest economic outlook _ that global growth should pick up this year, helped by improving conditions in the United States and China, the world's two biggest economies.

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