Trump says he will release tax reform package next week
01:48, Apr 22, 2017
Copyright 2015 All rights reserved. This material can't be published, transferred, copied or redistributed.
U.S. President Donald Trump's tax reform plan will rely largely on future revenue gains from faster economic growth to justify major tax cuts, top Trump advisers said on Thursday.
Friday's actions are part of broader administration efforts to dismantle the 2010 Dodd-Frank law and come alongside steps by congressional Republicans to do the same.
One thing that is generally agreed upon, by numerous people tracking tax reform, is that the White House will have to be the driving force behind a tax overhaul.
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".
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 USA tax policy lifted overall sentiment.
Earlier in the week, Mnuchin had backed off his vow to get tax reform through the Congress by the summer break that lawmakers take in August - his latest prediction is just a few months after that, at the end of the year.
Mnuchin said United States corporate tax rates are among the highest in the world, and have caused companies to understandably park their earnings offshore.
Neither senior official offered specific details of what the administration's plan might look like.
The US official said the administration's key focus is around fair and balanced trade and investment, but he steered clear of the tensions among finance officials gathered for the semi-annual meeting of the International Monetary Fund due to the worrisome protectionist rhetoric out of Washington. "We're working with all of the different levers". But he added that Trump's order on tax reform, specifically, is "much more symbolic, rather than substantive, because it's asking for a report". What commonly happens in earnings stripping is that corporations make inter-company loans where the debtor is the US company and the creditor a foreign parent. "If you want to insist on having a tariff on our product, the president believes we should treat you in a reciprocal fashion". Trump now appears not to be wedded to either his campaign plan or Ryan's plan.
Dynamic scoring is a little-known government forecasting method that uses economic modeling to predict changes in revenues resulting from economic growth spurred by new tax and economic policies. In an interview with the Associated Press, Trump said businesses and individuals would receive a "massive tax cut" under his blueprint, set to be issued next Wednesday or "shortly thereafter". Trump's order directs Mnuchin to determine if the authority could lead to costs for the Treasury, and hence to taxpayers.
Justice Department records show New Orleans received almost $266,000 in grant money through the program in fiscal 2016. Both the city and county support legal efforts challenging Trump's executive order on sanctuary cities.
Which brings us news that broke this weekend in which Alex Jones is now in the middle of a custody battle with his ex-wife. Jones has frequently hosted Trump adviser Roger Stone, and some prominent politicians, such as U.S.
Anne Mellinger Birdsong, a pediatrician and member of Mothers & Others for Clean Air, said in a statement. In Nebraska, Grand Island is ranked as one of the cleanest US cities with short term particle pollution .
If North Carolina does not get a bid today, experts say it could cause the state at least $250 million over the next five years. Pittsburgh made out big in gaining major NCAA Division I championship events.
GARCIA-NAVARRO: And this morning, President Trump tweeted his view of the protests. "You don't have time to take time off". First Lady Melania and four of the president's children are joining him in Florida this weekend.
But if it wants to keep investors happy, the company will eventually have to improve its relatively low profit margin. Analysts predict Netflix will make $482 million on revenue of more than $11 billion for the entire year.
Prime Minister Narendra Modi will arrive in Bhubaneswar around 3.45pm to attend a power-packed BJP national executive meet. BJP supporters raised slogans of "Modi-Modi" and "Vande Mataram" and some showered flowers on the Prime Minister.
One more day of showers is forecast for Sacramento before almost a week of sunshine, according to the National Weather Service . This activity should slide across the region later Thursday afternoon and especially Thursday night .
Foreign journalists visiting North Korea gather in Pyongyang for what is rumored to be "a big and important event ". And South Korea, China and Japan are all in range of North Korean non-nuclear missiles.
He hailed NATO's role in the fight against terrorism, describing the alliance as the "bulwark of worldwide peace and security". Back in Washington , Trump said: "We're not getting on with Russian Federation at all".
Walcott: Nothing can keep Ozil down
Arsenal managed to grab their first Premier League win since February, thanks to second-half goals from Ozil, Walcott and Giroud. Bilic won't lose his job over this game, but a point here will make the Swansea match a better shot.
Meghan Markle finally accepted by the family of Prince Harry
A source close to Markle told ET, however, that the jewelry is actually a Hamsa evil eye ring, which was given to her as a gift. Meghan Markle is set to attend Pippa Middletons wedding to financier James Matthews as Prince Harrys date, PEOPLE has learned.
Hillary Clinton apologized to Obama after Trump's victory
She told Trump that she was committed to country's success and "that means your success as president". "I'm sorry", she said. First came a call from White House political director David Simas to Clinton's campaign manager, Robby Mook .
Panthers sign DT Kawann Short to 5-year extension
The Panthers announced Monday that the team signed Short, who is now under contract with the Panthers through the 2021 season. Short could have signed the franchise tag and played the 2017 season under it, but instead he signed the five-year deal.
Shark kills 17-year-old surfer in southern Australia
Police later confirmed she had died from her injuries, tweeting their condolences and describing the attack as "devastating". Kelp Beds , also known as "Kelpies", is a popular surf break in a remote area also used for camping and four-wheel driving.
Honda Expands Clarity Lineup With New PHEV & EV In New York
Honda has set a target of selling 75,000 Clarity cars - fuel cell, hybrid, or all-electric - annually, starting next year. Indeed, Honda says the Clarity PHEV will be good enough for more than 330 miles on a full battery and a full tank of gas.
Uber lost $2.8 billion last year
But Uber's losses grew to $991 million in the period, as revenues grew 74 percent to $2.9 billion from the third quarter. Factoring in its China subsidiary, which it sold in July, the number is likely greater than $3 billion for the year.