Trump sets U.S. tax
reform announcement, orders tax rule review
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[April 22, 2017]
By David Morgan
WASHINGTON (Reuters) - President Donald
Trump on Friday promised a big announcement about tax reform next week
and ordered an administration review of Obama-era tax rules written to
discourage U.S. companies from relocating overseas to cut their tax
bills.
"We'll be having a big announcement on Wednesday having to do with tax
reform. The process has begun long ago, but it really formally begins on
Wednesday," Trump said during a visit to the U.S. Treasury Department.
First reported in an Associated Press interview with Trump, the news
came as a surprise to lobbyists and congressional aides who had no idea
what Trump's announcement might include.
In February, Trump promised to release a "phenomenal" tax plan within a
few weeks, without offering details. But none emerged.
A White House official said the impending announcement could come later
than Wednesday, adding: "The president was saying what we've been saying
all along, that he wants to do tax reform as quickly as possible while
still doing it right."
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Trump's latest comments got a warm reception from the Republican tax
chief in the House of Representatives.
"I appreciate the president's leadership and strong commitment to
comprehensive tax reform," House Ways and Means Committee Chairman Kevin
Brady said in a statement.
Brady added that the panel's Republican members "are ready to work with
President Trump and his team."
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President Donald Trump arrives for a signing ceremony with Treasury
Secretary Steve Mnuchin at the Treasury Department in Washington,
U.S., April 21, 2017. REUTERS/Aaron P. Bernstein
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During the 2016 election campaign, Trump initially issued a plan that proposed
deep cuts in tax rates for individuals and corporations, a reduction in the
number of tax brackets to four from seven, repeal of the estate tax, an offshore
profits repatriation tax holiday for multinationals and a cap on the
deductibility of business interest. He later revised the number of tax brackets
to three.
The plan partly resembled one developed by House Speaker Paul Ryan.
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.
Asked if that would include rules against tax-driven foreign corporate deals
known as inversions, Mnuchin said: "It's one of the significant things and one
of the things we would be looking at."
Trump and Republicans in Congress view tax reform as the best vehicle for
eliminating what they say are tax incentives for U.S. companies to move their
headquarters, manufacturing facilities and jobs overseas.
(Additional reporting by Ayesha Rascoe and David Alexander; Editing by
Bernadette Baum and Alistair Bell)
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