Trump Signs Exec Order to Tackle Tax Reform
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WASHINGTON - President Trump signed an Executive Order to review 2016 tax regulations, which the White House says has become an expensive burden on the economy.
The Trump administration is targeting some of financial regulations established by former President Barack Obama.
"I think everyone would agree that the current tax system is way too complicated and burdensome," said Treasury Secretary Steve Mnunchin.
"People can't do their returns, they have no idea what they are doing, they are too complicated," said President Trump
The secretary of Treasury must provide the president with a report within 150 days recommending specific action.
"President Trump is committed that tax payers are not at risk for government bailouts and entities that are too big to fail," said Mnunchin.
In addition, Trump signed two presidential memoranda to review and propose reforms to two significant provisions of Dodd-Frank. That report must also be provided to the commander in chief within 180 days.
This move by the president follows through on his campaign promise to stop Dodd-Frank from harming the financial system. It could also give leeway to companies looking to shelter income overseas.
"We will make America great again, we will make it strong again, we will make it competitive again," said President Trump
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