POTUS Trump has signed one executive order and two memorandums which empower Steven Mnuchin, U.S. Treasury Secretary, to begin taking the first steps toward potential and perhaps much needed tax reform.
The order begins the process of tax simplification and Trump says “is the first step toward tax reform”.
Mnuchin will now assess the existing major tax rules which were implemented in 2016 and decide which ones should be reduced and which ones should be eliminated all together. He will also be looking for any policies that “impose an undue financial burden on taxpayers”. The order is considered to be the essence of a similar one given in February of this year.
The first directive, too, will aim at liquidation authority. This authority allows regulators to dissolve large businesses which are close to failure. He is expected, as well, to assess this process to it’s fullest and how it affects American tax payers and how it could affect the financial stability of the country.
