Treasury Secretary Steven Mnuchin recently said it appeared no tax overhaul bill would get to the president's desk before Congress departs for its annual August recess.More news: FBI's Comey defends pre-election Clinton email decison
Speaking to reporters earlier on Friday, Mnuchin disputed the notion that his agency's review under the executive order would slow the administration's tax overhaul efforts. Among the administration's stated aims are to simplify the tax code for individuals and families, lower corporate tax rates and provide a major tax cut for the middle class.
On Tuesday, Treasury Secretary Steve Mnuchin and National Economic Council Director Gary Cohn will meet with congressional leaders to iron out the finer details of the president's broad-strokes blueprint.
Mr. Trump said those new executive orders will mark the beginning of a "whole new way of life" for many Americans.
No one disagrees with the Trump administration's basic premise that tax cuts can stimulate growth. On the campaign, Trump called for a corporate tax rate of 15 percent; Ryan wants 20 percent, and he has warned that cutting it an additional 5 percentage points could prevent the ultimate tax plan from being revenue neutral.More news: Apple Continues Its Comeback Campaign, but iPhone Worries Persist
One of the most sweeping tax regulations imposed in 2016 was written by the Obama administration's Treasury Department and it made it much harder for companies to use a process known as "inversion" to incorporate overseas in places like Ireland so that they could avoid paying US taxes.
He said to Mnuchin, a former Goldman Sachs banker and hedge fund manager: "I think Hamilton is tough to beat, but maybe you can do that too".
If any candidate fails to release their tax returns, both they and their running mate would be disqualified from being on the official ballot.
"Under static scoring, there will be some short-term issues", said Mnuchin, one of the plan's key architects. Critics have said that provision could actually allow banks to take more risks than they ordinarily would, and Trump wants to re-examine whether court-supervised bankruptcy would be a better way to wind down failing banks. He also said there will be an announcement next week regarding plans for tax reform. While a president can work to spearhead an agenda and whip lawmakers behind their cause, Trump will be at the mercy of lawmakers as far as tax reform is concerned.More news: Princess Charlotte about to turn 2; new photo released
Trump administration officials have said they will propose limiting some tax breaks, but this is not expected to be a big component of their plan.