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Trump sets U.S. tax reform announcement, orders tax rule review

Reuters  |  WASHINGTON 

By David Morgan

(Reuters) - President Donald Trump on Friday promised a big announcement about reform next week and ordered an administration review of Obama-era rules written to discourage U.S. companies from relocating overseas to cut their bills.

"We'll be having a big announcement on Wednesday having to do with 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 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" 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 reform as quickly as possible while still doing it right."

Trump's latest comments got a warm reception from the Republican chief in the House of Representatives.

"I appreciate the president's leadership and strong commitment to comprehensive 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 and his team."

During the 2016 election campaign, Trump initially issued a plan that proposed deep cuts in rates for individuals and corporations, a reduction in the number of brackets to four from seven, repeal of the estate tax, an offshore profits repatriation holiday for multi-nationals and a cap on the deductibility of business interest. He later revised the number of 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

Asked if that would include rules against tax-driven foreign corporate deals known as inversions, said: "It's one of the significant things and one of the things we would be looking at."

Trump and Republicans in Congress view reform as the best vehicle for eliminating what they say are 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)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Trump sets U.S. tax reform announcement, orders tax rule review

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.

By David Morgan

(Reuters) - President Donald Trump on Friday promised a big announcement about reform next week and ordered an administration review of Obama-era rules written to discourage U.S. companies from relocating overseas to cut their bills.

"We'll be having a big announcement on Wednesday having to do with 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 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" 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 reform as quickly as possible while still doing it right."

Trump's latest comments got a warm reception from the Republican chief in the House of Representatives.

"I appreciate the president's leadership and strong commitment to comprehensive 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 and his team."

During the 2016 election campaign, Trump initially issued a plan that proposed deep cuts in rates for individuals and corporations, a reduction in the number of brackets to four from seven, repeal of the estate tax, an offshore profits repatriation holiday for multi-nationals and a cap on the deductibility of business interest. He later revised the number of 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

Asked if that would include rules against tax-driven foreign corporate deals known as inversions, said: "It's one of the significant things and one of the things we would be looking at."

Trump and Republicans in Congress view reform as the best vehicle for eliminating what they say are 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)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Business Standard
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Trump sets U.S. tax reform announcement, orders tax rule review

By David Morgan

(Reuters) - President Donald Trump on Friday promised a big announcement about reform next week and ordered an administration review of Obama-era rules written to discourage U.S. companies from relocating overseas to cut their bills.

"We'll be having a big announcement on Wednesday having to do with 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 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" 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 reform as quickly as possible while still doing it right."

Trump's latest comments got a warm reception from the Republican chief in the House of Representatives.

"I appreciate the president's leadership and strong commitment to comprehensive 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 and his team."

During the 2016 election campaign, Trump initially issued a plan that proposed deep cuts in rates for individuals and corporations, a reduction in the number of brackets to four from seven, repeal of the estate tax, an offshore profits repatriation holiday for multi-nationals and a cap on the deductibility of business interest. He later revised the number of 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

Asked if that would include rules against tax-driven foreign corporate deals known as inversions, said: "It's one of the significant things and one of the things we would be looking at."

Trump and Republicans in Congress view reform as the best vehicle for eliminating what they say are 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)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22