Trump eyes changes to Obama's tax and Wall Street rules

With a little more than a week before Trump crosses the 100-day mark, there are few details about the Trump tax cut plan - although Mnuchin has said it would be "sweeping".

Mr. Trump told The Associated Press in the interview that his tax reductions would be "bigger, I believe, than any tax cut ever".

The president also remarked that he would release a tax reform package featuring a "massive tax cut."

US Treasury Secretary Steven Mnuchin also mentioned the tax reform plan Friday during a conference at the White House, and said the government is "pretty close" to having it ready to announce. He said earlier this week that enacting tax reform by August is "highly aggressive to not realistic" but that the administration is still aiming for legislation to be passed this year.

A White House spokeswoman had not responded to questions about the AP report and coming tax plan.

Mnuchin said for the first time on Friday that the White House supported the House Republican effort but suggested it would not impede the multiple reviews that the White House has now launched on its own.

In the other two executive orders, Trump instructed Treasury Secretary Mnuchin to review the damaging Dodd-Frank regulations that failed to hold Wall Street firms accountable.

"These regulations enshrine "too big to fail" and encourage risky behavior", said Trump.




Trump's uninformed commentary have real-world consequences. They have no idea what they are doing.

"They'll be dancing in the streets and jumping for joy", Willens said.

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. 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.

At a meeting last month in Baden-Baden, Germany, the G-20 dropped a pledge to oppose trade protectionism amid pushback from the Trump administration, which says trade policy needs to more clearly benefit American companies and workers. And it would mean trying a tax overhaul as his White House faces the prospect of a government shutdown if lawmakers can not agree on a funding bill by April 28.

Like most of Trump's regulatory executive orders, Friday's presidential actions will have little effect by themselves.

And Goldman - which has at least a half-dozen alums in the Trump administration - decried the "continued delays" that health care has imposed on the tax reform timeline, according to a note this week.

Trump administration officials have said they will propose limiting some tax breaks, but this is not expected to be a big component of their plan.

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