U.S. tax reform coming soon, Treasury Sec. Mnuchin says

President Donald Trump

President Donald Trump is set to sign one executive order and two presidential memorandums on Friday, each pertaining to the tax code and Wall Street regulations.

An executive order out of the White House on Friday is setting a stage for the comeback of earnings stripping and corporate inversions. Trump will order a review of this, as well, Mnuchin said.

The second ordered review will look at a separate part of the Dodd-Frank law that called on federal regulators to identify which financial institutions were large enough to merit enhanced regulation, as their collapse could destabilize the economy as a whole. Subsequent gains in tax revenues produced by quicker economic growth would only be an additional bonus.

Continued failures by Trump and Republican leadership in Congress to put forth an Obamacare repeal bill that conservative and moderate-Republicans can get behind have delayed progress on many other fronts, like financial, regulatory and tax reform.

"Big priority for the President - we will get tax reform done", Mnuchin added.

Another will order Treasury to review a process that designates which non-bank firms could threaten the financial system if they fail.

Verizon earnings, revenue miss Street estimates as wireless subscribers drop
Hoping to make money by mining and selling customer data, Verizon has moved to purchase AOL and Yahoo for billions of dollars. In the first quarter, Verizon said it lost 307,000 retail postpaid subscribers or those who pay a monthly bill.

President Donald Trump ordered his Treasury Department on Friday to review measures put in place by the Obama administration, setting the stage for a rollback of regulations that were meant to curtail corporate tax evasion and prevent another financial crisis. Mnuchin said Thursday that administration officials are looking at whether there should be four brackets instead of three.

"We'll be having a big announcement on Wednesday having to do with tax reform".

Mnuchin says economic growth will pay for "majority" of tax reform; Bill O'Reilly could collect fat payout; and feds accuse Ocwen Financial of il...

But the major target of the outrage was the Pfizer-Allergan deal, by far the biggest effort by a company to give up its US citizenship to cut its taxes. Banks say the regulations have hurt their liquidity and created burdensome processes. He has also said he wants to create some sort of "reciprocity" tax that imposes a tariff-like tax on imports from countries that have tariffs against the United States. Specifically, the Treasury will be tasked with finding taxes and regulations that add undue burdens for the American taxpayer or exceed statutory authority, Reuters reports.

The US official said the administration's key focus is around fair and balanced trade and investment, but he steered clear of the tensions among finance officials gathered for the semi-annual meeting of the International Monetary Fund due to the worrisome protectionist rhetoric out of Washington.

Mnuchin said it would "a little bit premature" to provide any further details on which direction the administration might recommend.

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