The President said that he will also open up lending to small businesses.
During the 2016 election campaign, Trump issued a plan that proposed deep cuts in tax rates for individuals and corporations, a reduction in the number of tax brackets to four from seven, repeal of the estate tax, an offshore profits repatriation tax holiday for multinationals and a cap on the deductibility of business interest.
"Taking actions which remove the changes that were made to strengthen the structure of the financial system is very unsafe", Fischer said. He has signed a series of executive orders, including on tax simplification, aimed at reviving the economy and bring jobs back to the USA, fast tracking the implementation of his election promises before the first 100 days in office.
"BAT is a big number, so it makes you wonder how they get to revenue neutrality without it", said economist Douglas Holtz-Eakin, the president of the conservative advocacy group American Action Forum in Washington and a supporter of the border-adjusted tax. 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".
Both Trump and Mnuchin have promised that the overhaul of the tax code they are planning would be the biggest since the Reagan administration. The problem with this option is that in addition to cutting tax rates, you have to offset the revenue loss.
He said he wants to allow many people to file their taxes on a "postcard".
"This is really the beginning of a whole new way of life that this country hasn't seen in many, many years", Trump said in his remarks. They have no idea what they are doing.
The president will travel to the Treasury Department Friday to sign three measures.
The White House is planning to formally roll out its tax plan Wednesday, ending months of speculation about the president's intentions for rewriting the tax code and following a prolonged period of confusion in which he and his top advisers sent mixed messages about what elements they favored and how the tax cut would be structured.
Following the ceremony, Trump announced there would be a "big announcement" on tax reform coming next week. And it would mean attempting a tax overhaul as his White House faces the prospect of a government shutdown if lawmakers can not agree on a funding bill by April 28.
Factoring in the macroeconomic impact of tax cuts is controversial because it's very hard to do.
But several House Republicans close to Ryan said that they were taken aback by the latest tax push.
But Trump claims the regulations have had the opposite effect, while also limiting access to credit for many Americans.
Trump's third executive order will "identify and reduce tax regulatory burdens", and it is about "financial stability", Trump said. "Let me leave a little room just in case".