Trump says 'massive tax cut' plan coming as soon as Wednesday

President Donald Trump will sign an executive order to review any major tax regulations set past 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.

U.S. President Donald Trump will order the Treasury on Friday to find and reduce tax burdens and review post-financial crisis reforms that banks and insurance companies have said hinder their ability to do business.

Mnuchin is also at work on a tax reform created to end the incentives for tax inversions in the first place, but declined to say when that plan would be ready. The review that Trump is ordering gives the administration a way to approach the issue independent of Congress.

Dodd-Frank was enacted in 2010 with the goal of preventing U.S. firms from making risky bets in the financial market in the way the now-bankrupt investment bank Lehman Brothers did.

Trump's remarks come after mixed messages from Treasury Secretary Steven Mnuchin who on Monday, in an interview with the Financial Times, said it would be "highly aggressive to not realistic at this point" to get tax reforms through Congress and onto the president's desk before August.

The other memo directs regulators to temporarily halt the use of "orderly liquidation authority" to dissolve troubled financial institutions unless the president directs it in an emergency.

The president visited the Treasury Department to sign the actions, saying the administration wants to "help struggling Americans achieve their financial dreams, earn a great paycheck, have a job that they love going to every single day and have real confidence in the future". "The tax system is way too complicated and burdensome", he said. He said he wanted banks to be able to lend without putting taxpayers at risk.

Mnuchin told reporters Friday that senior administration officials have been working with House and Senate leaders on tax reform. Those companies are then subject to additional oversight by the Federal Reserve.

Also important, this is just more clear evidence that Trump has no idea what he's doing, nor does the White House.

Trump said earlier this month that he planned get rid of much of Dodd Frank, though he hasn't said how he would do it.

"I'm also issuing two directives that instruct Secretary Mnuchin to review the damaging Dodd-Frank regulations that failed to hold Wall Street firms accountable", Trump said.

Ryan has proposed replacing the 35 percent corporate income tax with the 20 percent border-adjusted tax on USA companies' domestic sales and imports.

The executive order that Trump is signing Friday is not directed at specific aspects of the tax system.