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Trump's announcement Friday that he would unveil a tax plan this week caught lawmakers by surprise, despite regular conversations among Mnuchin, Cohn and congressional leaders, said a congressional aide. The administration official said, "We are moving forward on comprehensive tax reform that cuts tax rates for individuals, simplifies our overly complicated system and creates jobs by making American businesses competitive". 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.

A White House official said on Thursday that Trump will issue an executive order directing the Treasury on the tax issues.

"Republican Treasury Secretary Hank Paulson conceived the Financial Stability Oversight Council as a forum for catching financial risks that fall through the cracks between the various regulatory agencies", said Public Citizen financial policy advocate Bartlett Naylor on Friday.

President Trump signed the memos at the US Treasury Department, but his administration has not released the overall strategy he envisions.

"We are poised, but we are in a geopolitical world, some type of event could happen, but I think we are positioned well", he said in response to a question from Lagarde at the conversion held on the sidelines of the annual Spring Meeting of the International Monetary Fund and the World Bank.

Businesses are projected to pay US$340 billion in corporate taxes in 2018, roughly 10 per cent of all revenue collected by the government. Trump is also pushing House Republicans to re-start work on a replacement for Obamacare after the last attempt imploded in March when conservatives walked away.

He also said they haven't decided whether to offset the rate cuts with other changes that would reduce the budget deficit.

Some commentators suggest that Trump is rushing the tax announcement to give his administration a shot in the arm before the symbolic marker of its 100th day.

But the major target of the outrage was the Pfizer-Allergan deal, by far the biggest effort by a company to give up its USA citizenship to cut its taxes.

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.

"People can't do their returns, they have no idea what they're doing, they're too complicated", Trump said. He provided no specifics but said he would outline his plan on "Wednesday or shortly thereafter".

No one - maybe including his staff, apparently - knows for sure what the details of the president's forthcoming tax plan will be, but such confusion and lack of coordination is hardly rare in Trump's White House.

He also wants to eliminate the estate tax and the alternative minimum tax.


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