Trump says he will release tax changes package next week

by Ben Pena April 22, 2017, 1:50
Trump says he will release tax changes package next week

The U.S. Treasuries traded flat after the country's Treasury Secretary Steven Mnuchin said that he will unveil a tax reform plan very soon and expects it will be approved by the Congress this year whether a healthcare overhaul happens or not.

The president added later Friday at the Treasury Department that the administration will "be having a big announcement Wednesday having to do with tax reform".

The United States will not make an exception for American companies, including oil major Exxon Mobil Corp, seeking to drill in areas prohibited by USA sanctions on Russia, Treasury Secretary Steven Mnuchin says.

"From our perspective, it is a direction that is dramatically backwards on financial stability", said Lisa Donner, executive director of Americans for Financial Reform. A federal judge sided with MetLife previous year but the Obama administration appealed the case.

The Trump administration is targeting some of the tax and financial regulations established by President Barack Obama.

USA stock indexes have wavered in April, as investors dialed back expectations for tax cuts and fiscal stimulus from the Trump administration that initially pushed up stocks and government-bond yields after the November election.

"If it's just pure tax cuts and no revenue-raising provisions, we don't predict that any tax cut will pay for itself".

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Therefore, both the White House and Congress agree that the federal government can afford to implement such a massive fiscal stimulus in terms of the significant initial costs. Within a few months, Pfizer and Allergan surrendered and ended their agreement. But estimating the future economic impact of tax cuts is very hard to do, as it requires policy makers to rely on economic forecasts that are often imprecise.

"They'll be dancing in the streets and jumping for joy", Willens said.

The other is the power of the Federal Deposit Insurance Corporation-one of the institutions responsible for minimizing systemic risk in finance-to put failing banks through a kind of bankruptcy procedure, rather than bailing them out with government capital, as was done during the 2008 financial crisis.

SIFIs face added regulatory oversight and must hold more capital as a buffer against losses to safeguard against risk to the financial system. 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 US counterpart in Washington.

Republican lawmakers say the FSOC uses a flawed process lacking transparency to designate non-bank institutions. While Mnuchin said no specific rules were being targeted, he acknowledged that Obama rules on so-called "inversions" would be among them.

Mnuchin insisted that this would not be the case.

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