President Trump Dumps Dodd-Frank with Executive Order

Mnuchin said a "significant" issue to be examined will be Obama's crackdown on inversions, which are mergers that enable us firms to relocate their headquarters overseas where tax rates are lower.

"The administration has embarked in a very unsafe direction", said Edward Kleinbard, the former chief of staff for Congress' Joint Committee on Taxation.

The argument that tax cuts pay for themselves has been debunked by economists from across the political spectrum.

The president says the package will be released on "Wednesday or shortly thereafter" - just before his 100 day mark in office.

"The tax code is way, way, way too complicated". The administration still has to get the tax-writing committees in the House and Senate on board with whatever it proposes.

On Friday, the president said that he would unveil his plan on Wednesday to fulfil the promise he had made in the run-up to the 2016 presidential election. Lawmakers have been anxiously waiting for more details of Trump's plan for weeks.

The president did not provide any details about the coming measure, but noted that it would contain a "massive tax cut" for individuals and businesses. We have a tax code that is just very uncompetitive for our U.S. businesses.

Though Trump is technically not lawfully required to reveal his tax returns, his failure to do so breaks with decades of tradition of candidates releasing theirs to show the public how much they earn and what their tax rates are.

The nonpartisan Joint Committee on Taxation said Tuesday that a big cut in corporate taxes - even if it is temporary - would add to long-term budget deficits.

Budget experts have forecast that Trump's proposal could boost the economy but also dramatically expand the deficit because trillions of dollars in revenue would be lost over 10 years.

"We have had an environment in the USA that has not been particularly business-friendly coming out of Washington", he said, and narrated some of the key economic measures taken by the Trump administration in the first 100 days. "Trump's order calls for study of a new form of bankruptcy that depends on a judge who may not have the expertise to handle a sprawling firm with interconnections throughout the economy".

"Deficits are not driving the discussion", Mulvaney said.

The executive order directs Treasury Secretary Steven Mnuchin to review regulations added to the tax code since the beginning of past year.

Norquist said Congress could remove 70 percent of the pain of Dodd-Frank through a budgetary process that would require only 51 Senate votes instead of the normal 60-vote supermajority.

But he also said that if these macroeconomic changes aren't factored in, the tax plan would grow the deficit.

Many congressional Republicans want to eliminate this provision, arguing it would allow regulators to keep failing institutions operating with taxpayer money. The plan will also include child-care benefits, a cause promoted by Trump's daughter Ivanka.