WASHINGTON — The Trump administration embarked Friday on new efforts to study and possibly dismantle some of the tax and financial regulations established by former President Barack Obama.
President Donald Trump will sign an executive order to review tax regulations set last year by his predecessor, as well as two memos to potentially reconsider major elements of the 2010 Dodd-Frank financial reforms passed in the wake of the Great Recession.
The review of tax regulations could give greater leeway to companies looking to shelter income overseas, or simply seeking to reduce paperwork related to the enforcement of such regulations.
Treasury Secretary Steven Mnuchin said a “significant” issue to be examined will be the crackdown by Obama on inversions, which are mergers that enable U.S. firms to relocate their headquarters overseas where tax rates are lower.
The review could also touch on overlapping rules designed to stop foreign-based companies from shifting their U.S. profits abroad.
Mnuchin said the goal of the executive order is to reduce the burden of time and money from complying with tax regulations. “The tax system is way too complicated and burdensome,” he said.
The administration is also trying to pass tax reform that would reduce corporate rates and encourage businesses that have trillions of dollars stowed overseas to bring their profits back to the U.S.
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“We’re not going to do anything that makes U.S. businesses less competitive,” Mnuchin said.
The two memos would focus on possible adjustments …read more
Source:: The Denver Post