Trump says he will release tax reform package next week

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It is also a body that has proven itself an obstacle to the president in passing health care reform.

Trump signed an executive order Friday to review any major tax regulations set a year ago by his predecessor, as well as two memos to potentially revamp or eliminate fundamental elements of the 2010 Dodd-Frank financial reforms passed in the wake of the Great Recession.

During a meeting inside the Oval Office last week, Trump told staff he wants a massive tax cut to sell to the American people, the person said. He would not provide details of the plan, saying only that the tax cuts will be "bigger I believe than any tax cut ever".

Some commentators suggest that Trump is rushing the tax announcement to give his administration a shot in the arm before the symbolic marker of its 100th day.

Trump on Friday also signed an executive order directing the Treasury to review tax-related regulations adopted over the past 18 months under former President Barack Obama.

Even that timeline would test lawmakers, one source said this week.

As the U.S. congress returns to session on Monday after a two-week break, all eyes will be on Capitol Hill this week as Washington works to avoid a possible government shutdown.

Trump, though, seemed to double down on his promise Saturday, promising in a tweet that, "Big TAX REFORM AND TAX REDUCTION will be announced next Wednesday".

House Financial Services Committee Chairman Jeb Hensarling (R-Texas) will discuss the revised version of his Dodd-Frank replacement bill, the Financial CHOICE Act, at a congressional hearing on April 26.


Trump said during the news conference Friday that he expects the White House will release his plan for tax reform on Wednesday.

Mnuchin would only characterize the White House as "very close" to rolling out its plan. Hall was chosen by Republicans to head up the respected, nonpartisan agency. So, we know Trump in the campaign talked about taking the 35 percent corporate rate down to 15 percent. For passthrough companies that rate is now wedded to the individual rates.

The memo directs the Treasury to review the authority for 180 days, focusing on whether it exposes taxpayers to losses and encourages companies to take on more risk, or whether a revamped bankruptcy process would be preferable. Those include efforts to clamp down on "corporate inversions" - in which U.S. companies merge with foreign companies to take advantage of lower tax rates overseas.

If any candidate fails to release their tax returns, both they and their running mate would be disqualified from being on the official ballot.

With his unexpected comments, Trump jolted the process forward, as he tries to breathe new life into an effort that risked becoming bogged down like other campaign priorities. "Adjustment means we lose".

Democrats passed the Dodd-Frank regulations with no Republican support. "Nobody gets angry when you say reciprocal tax".

President Donald Trump has assailed Iran as failing to live up to the "spirit" of the nuclear deal struck in 2015, setting an ominous tone for his forthcoming decision about whether to pull the US out of the landmark agreement. -Italian trade during a joint press conference with Prime Minister Paolo Gentiloni.

"It's such a big thing", said Trump.

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

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