Trump executive order aims to simplify tax code

Trump executive order aims to simplify tax code

Trump executive order aims to simplify tax code

Federal Reserve Vice Chairman Stanley Fischer said in a Friday interview with CNBC that there are aspects of the Dodd-Frank law which if taken away would have "potentially serious impacts on the economy, not immediately, but when times get tough".

White House budget director Mick Mulvaney told "Fox News Sunday" that Trump will announce only a draft plan - with proposed tax rates and no information about whether cuts would increase the debt.

They will all differ somewhat on variables such as how the tax cuts will affect hours worked and capital investment, and how much higher deficits will curb economic growth, according to Alan Cole, an economist at the Tax Foundation.

WASHINGTON | President Donald Trump is directing Treasury Secretary Steven Mnuchin to begin two new reviews of banking rules, wading deeper into a deregulation effort that the White House has promised will gut Obama-era regulations on Wall Street.

But any changes would have to be backed by Congress, and passing a sweeping tax cut plan that widens the deficit would be virtually impossible on Capitol Hill without bipartisan support, in the view of key players in both parties.

Germany's finance minister is optimistic about reaching a "non-confrontational solution" on trade with Trump's administration at a summit this summer, he says after meeting his USA counterpart in Washington.

Republicans, meanwhile, have argued for years that curbing the deficit is a top national priority.

Here's why: Republican leaders are eager to cut corporate taxes, but for various reasons they don't want to add to the country's debt.

Turkish democracy placed on damaging watchlist by European Union monitors
Kati Piri, a Dutch Labour MEP who specialises in EU-Turkey relations, said the EU would have to reassess its position on Turkey. The Council is separate from the European Union , but the move is set to be a further blow to Turkey's bid to join the bloc.

Many congressional aides were caught by surprise from Trump's announcement, as White House officials have expressed that they were working hard on a plan but nowhere near ready to provide new information.

The release on Wednesday will come during a critical period for Trump. He said the basic Form 1040 used to file taxes had grown from 34 lines and two pages of instructions to 79 lines and 211 pages of instructions.

Jens Weidmann, president of the Deutsche Bundesbank, said there was "very broad consensus at the meeting that we should work to continue the implementation" of financial reforms.

Asked at an off-camera briefing earlier in the day whether it's problematic that this review will be underway as the president and Congress look to roll out a tax overhaul package, Treasury Secretary Steve Mnuchin said it shouldn't have a significant effect.

"The objective of the orders is to make clear what the president's and the administration's priorities are and to signify the importance of these issues to the American people", Mnuchin said.

But several House Republicans close to Ryan said that they were taken aback by the latest tax push. "The tax system is way too complicated and burdensome", he said.

This apparently will not be a problem with Trump's plan.

Colorado Democrats are trying to send a message to Donald Trump and any future presidential or vice presidential candidates: show us your tax returns or you won't be on Colorado's ballot.

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