President Donald Trump says businesses and individuals will receive a "massive tax cut" under a tax reform package he plans to unveil next week.
Earlier in the day, Mnuchin told reporters the president's actions would immediately put an end to regulators' ability to use emergency authority without the president's permission or to name any firms as risky until a thorough review has been completed.
The White House is issuing an executive order that will direct the Treasury Department to identify and reduce tax burdens, as well as review banking and insurance company reforms implemented after the 2008 economic crisis that those businesses complain are unfair, according to a report by Reuters.
Trump and Republicans in Congress view tax reform as the best vehicle for eliminating what they say are tax incentives for USA companies to move their headquarters, manufacturing facilities and jobs overseas. "People can't do their returns".More news: Skrillex Handcuffed by LAPD for Playing His Music "Too Loud"
"It will be soon, very soon", Mnuchin said when asked for a timeline during a question and answer session on the sidelines of the International Monetary Fund and World Bank spring meetings in Washington.
In addition to the executive order, Trump is making good on his promise to give Dodd-Frank a "major haircut" by whittling down one of the Obama administration's most significant laws. GOVERNMENT SHUTDOWN Trump and his fellow Republicans who control Congress face their first major budget test next week, with the threat of a government shutdown potentially hinging on his proposed Mexican border wall as well as Obamacare funding.
Mnuchin said he hoped that there would be bipartisan support for a plan.
South Korea plans to raise the issue of US restrictions on steel imports at World Trade Organization committee meetings next week, its trade ministry says.More news: President Trump Talks Tough on Iran in Meeting with Italian PM
Neither senior official offered specific details of what the administration's plan might look like.
When asked whether the reform plan would be "revenue neutral", Mnuchin said the "deal will pay for itself".
Both Trump's campaign plan and the House Republican proposal would collapse the existing seven existing income tax brackets into three, with a top rate of 33 percent. Mnuchin's staff has already met with more than a dozen focus groups to find areas for improvement, he said. He said he wanted banks to be able to lend without putting taxpayers at risk.More news: Mother of Hernandez victim: Justice was done
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