Trump to announce major tax reform next week

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The order, issued in Trump's first visit to the Treasury since taking office, directs Mnuchin to review any tax regulations from the beginning of 2016 to now to "look at whether there are undue financial burdens, unnecessary complexities, and requirements".

"The process has begun long ago, " he said, "but it really formally begins on Wednesday".

While Trump's executive orders come a week before his 100-day mark as president, Mnuchin has 150 days to recommend actions to the White House.

Our President indicated he wants broad changes, pledging to give the law a "Major Haircut".

President Donald Trump promised Friday a "big announcement" concerning tax reform will be made next Wednesday, but White House budget director Mick Mulvaney has been saying that a full tax bill won't likely happen by the time its official budget is released by the end of May.

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"We'll be having a big announcement on Wednesday (Thursday AEST) having to do with tax reform".

"I appreciate the president's leadership and strong commitment to comprehensive tax reform", House Ways and Means Committee chairman Kevin Brady said in a statement.

Speaking to reporters earlier on Friday, Mnuchin disputed the notion that his agency's review under the executive order would slow the administration's tax overhaul efforts. "We want to create a system where the average American can file a tax code on a big postcard". Frustrated by the slow pace of action in Congress on his goal of overhauling the 2010 Dodd-Frank financial regulation law and the fact that his mission of rewriting the tax code remains in limbo, Trump is attempting to take matters into his own hands. And after blasting Goldman Sachs during the campaign, Trump has picked several Goldman Sachs veterans for senior roles in his administration.

Last week, Mnuchin said that enacting tax reform legislation ahead of August was not "realistic", backing down on Trump's promise for tax reforms.

Donald Marron, who served on former President George W. Bush's Council of Economic Advisers in 2008 and 2009, said the administration's seeming estimate of the favorable feedback effects from lower taxes was "surprisingly large", though he cautioned he hadn't seen the details of the plan.

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The administration is working to open up lending to small businesses and entrepreneurs, including women entrepreneurs, he said.

He then turned to Treasury Secretary Steven Mnuchin and said: "So, go to it".

A White House spokeswoman had not responded to questions about the AP report and coming tax plan. "If our markets are open, there should be a reciprocal nature to other people's markets", Mnuchin said Saturday.

"They'll be dancing in the streets and jumping for joy", Willens said. It's unclear if the inversion rule will be part of the new Treasury review.

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