Trump: Tax Reform Plan With 'Massive' Cuts Coming Next Week - NBC Connecticut
President Donald Trump

President Donald Trump

The latest news on President Donald Trump's first year as president

Trump: Tax Reform Plan With 'Massive' Cuts Coming Next Week

The review of tax regulations could give greater leeway to companies looking to shelter income overseas, or simply seeking to reduce the time and money spent on completing personal and business tax filings

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    NEWSLETTERS

    President Donald Trump signed an executive order on April 21 in a move that may eliminate the core of the 2010 Dodd-Frank financial reforms. Trump also hopes to reduce time and effort spent by taxpayers filing taxes. "People can't do their returns," he said. "They have no idea what they're doing." (Published Friday, April 21, 2017)

    Hoping to spur economic growth, President Donald Trump embarked Friday on new steps to dismantle some of the tax and financial regulations established by former President Barack Obama.

    Trump signed an executive order to review any major tax regulations set last year 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.

    "This is really the beginning of a whole new way of life that this country hasn't seen in really many, many years," the president said before signing the measures during his first visit to the Department of the Treasury.

    The review of tax regulations could give greater leeway to companies looking to shelter income overseas, or simply seeking to reduce the time and money spent on completing personal and business tax filings.

    Trump Denies Giving Up on Health Care Bill

    [NATL] 'We'll Get Both' Trump Denies Giving Up on Health Care Bill, Says GOP Will Also Have Spending Bill

    President Donald Trump denied that the White House gave up on a GOP-sponsored health care bill, despite the issues surrounding the so-called "American Health Care Act" on March. Trump said there was a "great plan" for health care reform, as well as a spending bill. 

    (Published Thursday, April 20, 2017)

    "People can't do their returns," Trump said. "They have no idea what they're doing."

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

    The review could also touch on overlapping rules designed to stop foreign-based companies from shifting their U.S. profits abroad, another Obama initiative from 2016.

    The administration is also trying to pass tax reform that would reduce corporate and personal rates. Trump told The Associated Press in an interview that a plan will be released as early as Wednesday.

    The two memos focus on possible adjustments to the Dodd-Frank law, which was designed to stop banks from growing "too big to fail" and requiring public bailouts.

    But Trump claims the regulations have had the opposite effect, while also limiting access to credit for many Americans.

    Protesters Removed From Senate Health Care Bill Hearing

    [NATL] Health Care Bill Protesters Forcibly Removed From Senate Finance Committee Room

    Protesters chanting "No cuts for Medicaid, save our liberty!" were forcibly removed from the Senate Finance Committee room Monday as lawmakers attempted to convene a hearing into the Republican Graham Cassidy health care bill.

    (Published 3 hours ago)

    "These regulations enshrine too big to fail and encourage risky behavior," Trump said.

    One memo orders Mnuchin to review a component of the law that allows federal regulators to liquidate failing financial firms during an economic crisis if those companies are large enough that their collapse would pose a threat to the economy.

    The other memo orders the Treasury to review a process that designates which non-bank firms could threaten the financial system if they fail. Critics argue this process is costly and arbitrary.

    Both measures will be suspended while they're under review.

    Mnuchin said taxpayers won't be left on the hook.

    "Let me make it absolutely clear: President Trump is absolutely committed to make sure that taxpayers are not at risk for government bailouts of entities that are too big to fail," he said.

    North Korean Minister: Trump Tweet Declared War

    [NATL] North Korean Foreign Minister: 'The United States Declared War'

    North Korea's top diplomat says President Donald Trump's tweet that leader Kim Jong Un "won't be around much longer" amounted to a declaration of war against his country.

    Foreign Minister Ri Yong Ho told reporters Monday that what he called Trump's "declaration of war" gives North Korea "every right" under the U.N. Charter to take countermeasures, "including the right to shoot down the United States strategic bombers even they're not yet inside the airspace border of our country."

    Ri Yong also said that "all options will be on the operations table" for the government of the Democratic People's Republic of Korea.

    Ri referred to Trump's tweet Saturday that said: "Just heard Foreign Minister of North Korea speak at U.N. If he echoes thoughts of Little Rocket Man, they won't be around much longer!"

    (Published Monday, Sept. 25, 2017)

    His report will explore if it would be better to liquidate troubled financial firms through a modified form of bankruptcy.

    Federal Reserve Vice Chairman Stanley Fischer said in a Friday interview with CNBC that there are aspects of the Dodd-Frank law which if taken away would have "potentially serious impacts on the economy, not immediately, but when times get tough."

    "Taking actions which remove the changes that were made to strengthen the structure of the financial system is very dangerous," Fischer said.

    Former Fed chair Ben Bernanke argued in a February blog post that there is no provision for the government to inject money into a failing firm as was done during the 2008 financial meltdown. This means that all losses would be borne by private investors.

    Also, Bernanke said his experience is that financial regulators are often better equipped to respond to these emergencies than bankruptcy judges.

    Mnuchin suggested Friday that it might be necessary to update bankruptcy laws to accommodate collapsing firms during an economic crisis.

    NFL Players Protest During National Anthem

    [NATL] NFL Players Protest During National Anthem
    AP reporters counted more than 200 NFL players who did not stand during the national anthem before their games on Sunday. Six refused to stand the week before, mainly protesting police brutality.
    (Published Monday, Sept. 25, 2017)

     

    AP economics writer Martin Crutsinger contributed to this report.