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Trump sets US tax reform announcement, orders tax rule review

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The first executive order Trump signed enables Treasury Secretary Steven Mnuchin to begin the process of "tax simplification".

Trump said that a tax reform plan would surface next week and include a "massive tax cut" for individuals and companies.

The White House will release the "broad principles and priorities" of their plans to overhaul federal taxes on Wednesday, a White House official said Friday night, downplaying expectations that the Trump administration would reveal key details underpinning the plan.

As Trump's freaky presidency nears the 100 days in office milestone, he still has not released his own personal tax returns, or any details on his own vast family business of global holdings and shell companies.

Treasury Secretary Steven Mnuchin said a "significant" issue to be examined will be Obama's crackdown on inversions, which are mergers that enable USA firms to relocate their headquarters overseas where tax rates are lower.

Earlier, Mnuchin said under the previous administration, the tax code became extremely expensive and burdensome.

Mnuchin said he hopes there will be bipartisan support for the plan, but should they fail to reach a consensus with Democrats, the White House will consider using the reconciliation process to finalize tax reform. "Tax reform is way too complicated", he said. He has said he wants a big tax cut for the middle class, though many politicians define "middle class" differently. They have no idea what they re doing.

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Congressional Republicans seemed caught off-guard by Trump's announcement and did not appear to have been briefed on the details of the White House's forthcoming plan.

"Republican Treasury Secretary Hank Paulson conceived the Financial Stability Oversight Council as a forum for catching financial risks that fall through the cracks between the various regulatory agencies", said Public Citizen financial policy advocate Bartlett Naylor on Friday.

The two memos focus on possible adjustments to the Dodd-Frank law, which was created to stop banks from growing "too big to fail" and requiring public bailouts.

Trump and his camp have long maintained that he would release his returns once a supposed audit was finished, but IRS officials have said that audits do not bar people from releasing their returns.

On Friday, Trump is expected to sign several "financial related" executive actions.

His announcement surprised Capitol Hill and left Mr. Trump's own Treasury officials speechless as he arrived at the Treasury offices to sign directives to roll back Obama-era tax rules and financial regulations.

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