There will be a "big announcement" on tax reform Wednesday

Trump unexpectedly announced at the signing that there would be a "big announcement on Wednesday having to do with tax reform", Reuters reports.

On Saturday, administration officials offered confusing signals on which route Trump would pursue.

Mnuchin has said that the orders from Trump "are meant to emphasize the administration's economic priorities to the American people".

White House Budget Director Mick Mulvaney echoed that point in a Bloomberg TV interview on Friday. "Tax reform is way too complicated", he said. "You can either have a small tax cut that's permanent or a large tax cut that is short-term".

Mnuchin has worked on the tax plan for months, but details have remained fluid, with White House officials considering a range of options in how they restructure the tax code.

"The tax code has become extremely expensive and burdensome", Treasury Secretary Steve Mnuchin told reporters yesterday morning.

He added that Trump will have to push congressional Republicans to get the tax plan through as soon as possible, because even if it's approved in the short-term, it will take time for Americans to truly feel its effects.

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Tax reform was one of Trump's major election promises.

"He pledged to dismantle Dodd-Frank, and his actions today are another significant step towards ending the Dodd-Frank mistake that has given Washington bureaucrats more power to politically control our economy", Mr. Hensarling said.

The Treasury secretary also laid out the broad parameters of the goals of the coming Trump plan: "We said during the campaign and we've said now we will be working with Congress on a comprehensive tax reform package with the idea to simplify personal taxes, create middle-income tax cuts and make business taxes more competitive". He said the administration is close to releasing its plan.

The Federal Reserve could raise short-term interest rates, investors might charge the government higher borrowing costs and a stronger dollar could temper growth through exports, said Mark Doms, a senior economist at the bank Nomura. Like George W. Bush before him, Trump will likely find it prohibitively hard to pass deeply unpopular tax cuts for the rich, while also pushing through deeply unpopular spending cuts and/or middle-class tax increases. Without Democratic support, a plan would have to be revenue neutral to meet the criteria set by lawmakers to make tax changes permanent. It would take a number of Democrats to support any tax plan that grows the deficit in the long run because Republicans only have 52 seats in the Senate. But they cautioned that passing such legislation would be complicated and likely necessitate other tax hikes or spending cuts.

Senate Republicans could instead use a process known as budget reconciliation, which would allow a tax bill to be passed with a simple majority.

Ryan's BAT proposal, which would replace the 35 per cent corporate income tax with a 20 per cent tax on United States companies' domestic sales and imports, would have provided some cushion in terms of revenue. "Both of those rates will come down by 43 percent", he said. The proposal would also increase the standard tax deduction from individuals and married couples filing jointly.

The benefits of the tax cuts could also be limited by economic forces beyond Trump's immediate control. House GOP leaders are hoping he'll endorse their so-called border adjustment tax, or BAT, which would impose a 20 percent tax on imports and eliminate export taxes.