Trump to announce important tax reform next week

"The process has begun long ago, " he said, "but it really formally begins on Wednesday".

Last week, Mnuchin said that enacting tax reform legislation ahead of August was not "realistic", backing down on Trump's promise for tax reforms.

Trump also scheduled a "tax announcement" for next Wednesday.

"We need to make business taxes competitive", Mnuchin said.

"It's just made it more hard for hard-working taxpayers to go have the banking system work for them, not against them".

"These are the general outlines as they've been described to us so far".

On Monday, the Wall Street Journal reported that Trump told staffers to make sure that corporate tax rate was cut to 15% even if the plan would add to the national debt.

Trump has directed aides to move quickly on a plan to cut the corporate income tax rate to 15 percent from 35 percent, a Trump administration official said on Monday.

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But any changes would have to be backed by Congress, and passing a sweeping tax cut plan that widens the deficit would be virtually impossible on Capitol Hill without bipartisan support, in the view of key players in both parties.

Mnuchin noted that the administration's goal is to achieve "sustained growth of 3% or higher" through its mix of economic and tax policies.

No one disagrees with the Trump administration's basic premise that tax cuts can stimulate growth. Roughly, each percentage-point cut in the tax rate lowers federal revenue by $100 billion over a decade, so a 20-point cut would cost the government $2 trillion, according to the congressional Joint Committee on Taxation.

Mnuchin said on Thursday that the tax cuts would be fully paid for. Trump will order a review of this as well, Mnuchin said. That means a tax bill likely has to pass on a party-line vote, making it increasingly complicated. "Also some indication of what the rates are going to be", Mick Mulvaney, director of the White House office of Management and Budget, told Fox News on Sunday.

Details will be limited to "here are some of the ideas that we like, some of the ideas we don't like ... here are some of the rates we're talking about", Mulvaney said. But the concept has not gained much support among republicans in the house or Senate - and retailers, carmakers and oil refiners that rely on imported goods have said the tax would raise prices on consumer goods. "We intend to provide a clear analysis to the extent of which orderly liquidation authority encourages inappropriate risk-taking, and the extent of taxpayer liability".

The release on Wednesday will come during a critical period for Trump.

Hensarling's bill would also give Congress purview over the CFPB's budget, meaning lawmakers could defund the agency entirely.

One reason why overhauling the tax code is so hard is because it is very hard to do it without dramatically widening the deficit. Mnuchin said Friday that his agency has held more than 16 meetings about financial regulations, and participants said Trump administration officials were particularly interested in ways to ease mortgage and small business lending.