Trump says he plans tax reform announcement on Wednesday

Trump says he plans tax reform announcement on Wednesday

Trump says he plans tax reform announcement on Wednesday

Asian shares mostly gained on Friday while monitoring events following a suspected terrorist shooting in Paris days ahead of presidential polls in France as comments overnight on US tax policy lifted overall sentiment. "Or maybe not", this person says.

Mr Trump will order an assessment of how the FSOC designates a financial institution as "systemically important", which triggers requirements to hold more capital in case it comes into crisis.

And although President Donald Trump's administration is already pushing for comprehensive overhaul of the USA tax code in legislation, it's important to review Obama-era regulations as well, Mnuchin said Friday at the White House, where he detailed the provisions in an executive order President Donald Trump will sign later in the afternoon.

An Obama-era regulation finalized a year ago, aimed at preventing corporations from stashing cash overseas in a tactic known as "earnings stripping", may fall under the review, but Mnuchin said that rule is not specifically targeted by Friday's presidential memo. Trump will order a review of this, as well, Mnuchin said.

Then, minutes later, at the Treasury Department, during a signing of three executive orders, Trump issued another conflicting statement.

Japanese shares hit 1-1/2 week highs as bets that U.S. tax reforms are gaining traction and comments from a Federal Reserve official affirming that three Fed rate hikes this year remain appropriate helped weaken the yen against the dollar.

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The administration is also trying to pass tax reform that would reduce corporate rates and encourage businesses that have trillions of dollars stowed overseas to bring their profits back to the U.S.

Trump's order will impose a 180-day moratorium on new designations.

Robert Willens, an independent tax consultant, said reversing these rules would be a gift to Wall Street bankers and lawyers who have complained that worldwide deal making has been hampered by the regulations.

House Financial Services Chairman Jeb Hensarling praised the president's actions to "end bailouts" and "make Wall Street accountable" in a statement.

Mnuchin's staff has already met with more than a dozen focus groups to hear ideas on areas of improvement, he said. Their goal, he said, is to make sure regulatory reform frees banks to lend without putting taxpayers at risk. It created a new consumer watchdog agency, put new restrictions on risk at large banks, and made changes to address the way some financial companies tried to shop for lighter regulation.

Neither administration nor cabinet officials have laid out the specific details of their tax overhaul plan, and there different and seemingly ambiguous responses are causing some to fear Trump has yet to lock down a detailed proposal.

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