Trump to sign executive actions that could

Owen Stevens
May 4, 2017

Treasury Secretary Steven Mnuchin on Saturday suggested Wednesday's announcement would pursue a long-term overhaul of the tax code. For now, though, the president will settle for changes he can make with the stroke of a pen.

The executive order Trump signed requires the US Treasury Department to identify and lessen burdens from tax regulations handed down in Y 2016.

According to ABC News, Trump signed "two presidential memoranda on the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which former President [Barack] Obama signed in response to the 2007-2008 financial crisis".

Mnuchin, one of the key architects of the White House plan, also said that some ways of measuring the impact of the tax cuts would find that it would grow the debt in the "short term". The details of the tax bill are likely to be complicated by the continued uncertainty over healthcare reform, which is now being renegotiated.

"Under the previous administration, the tax code has become extremely expensive and burdensome", Mnuchin said. Formulating a politically tenable way of cutting taxes on wealthy individuals and corporations - without significantly expanding the deficit - is an enormous challenge. The Joint Committee on Taxation has a few models, which the CBO will use; and the Tax Foundation and Tax Policy Center each have their own models. While Mnuchin said no specific rules were being targeted, he acknowledged that Obama rules on so-called "inversions" would be among them.

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"It is targeted at things that are significant and create complexity and undue burdensome situations", he said. To evade a Democratic filibuster, Republicans must pass their regressive tax cuts through the "reconciliation" process. The OLA operates with fees from large banks and financial firms, but Republicans describe this deal a "bailout".

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. "But at least to 20", Norquist said in an interview with "Power Lunch".

SIFIs face added regulatory oversight and must hold more capital as a buffer against losses to safeguard against risk to the financial system. One of the memos orders a review of the law's Orderly Liquidation Authority, a tool for unwinding companies on the verge of collapse.

"Most of what needs to happen must be done by Congress, but the more you put it under attack by executive orders, the easier it is for Congress to move on it, ' he said". They also have recent real-world examples to make their case: Tax cuts in Kansas made by Gov. Sam Brownback failed to deliver the expected boost, forcing the state into years of grueling budget battles and harsh spending cuts to make up the gap. Trump told his team to "get it done", in time to release a plan by Wednesday.

"I will say we are supportive of him bringing forth this legislation", Mnuchin said.

Other reports by VgToday

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