Trump signs orders to review tax regulations

Meanwhile, Trump is embarking on new steps to dismantle some of the tax and financial regulations established by former President Barack Obama.

On Friday, the president said that he would unveil his plan on Wednesday to fulfil the promise he had made in the run-up to the 2016 presidential election. Another official said the information released would be more like a "broad" outline.

But if you're looking for all the long-awaited details of his promised "massive tax cut" for businesses and individuals, you'll have to wait a while longer.

Those meetings were launched in response to a February 3 executive order that called for "core principles for regulating the United States financial system".

The assessment was requested by House Speaker Paul Ryan, R-Wis., who has been pushing a new tax on imports to fund lower overall tax rates.

Trump also signed two presidential memoranda aimed at the Dodd-Frank financial reform law.

Trump has directed aides to move quickly on a plan to cut the corporate income tax rate to 15 percent from 35 percent, a Trump administration official said on Monday.

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.

A White House spokeswoman didn't immediately respond to a request for comment from The Post.

Most economists say it's unlikely that tax cuts can generate enough gains to avoid swelling the government's red-ink problem — estimated to total $559 billion this year. But Democrats and some Republicans have said any cut in rates should be offset by the elimination of tax breaks to prevent the changes from widening the budget deficit. Additionally, Mnuchin told reporters at the White House daily briefing that the plan would add to the deficit but eventually "the tax plan will pay for itself with economic growth".

Top lawmakers are scheduled to meet with Treasury Secretary Mnuchin and National Economic Council Director Gary Cohn on Tuesday to discuss the administration's tax proposals. Those include efforts to clamp down on corporate inversions - in which US companies merge with foreign companies to take advantage of lower tax rates overseas. He has said he wants a big tax cut for the middle class, though many politicians define "middle class" differently.

"President Trump is absolutely committed to make sure taxpayers are not at risk for government bailouts for entities that are too big to fail", he said. But many community banks have complained the regulations imposed too many burdens on them, and large banks have complained about what they see as excessive compliance costs that get in the way of lending.

The White House will rely on what policy wonks call "dynamic scoring" to deliver the good news. The plan will also include child-care benefits, a cause promoted by Trump's daughter Ivanka.

Tax reform would likely have a modest effect on growth, nearly surely not enough to match the administration's 3 percent growth target, said Mark Mazur, director of the nonpartisan Tax Policy Center and a former assistant treasury secretary for tax policy in the Obama administration.