Trump says he will release tax reform package next week
- Author: Ronnie Bowen Apr 22, 2017,
Apr 22, 2017, 1:51
President Trump said he would release new details about his plan to overhaul the tax code on April 26, a sign that he is accelerating one of his most ambitious campaign promises even though key details remain very closely held.
Trump is turning his attention to financial reform again as a top House Republican this week unveiled the latest version of legislation to replace Dodd-Frank, which was enacted in the wake of the financial crisis. Both House Republicans and the White House broadly agree on rate cuts for individuals and businesses.
While the secretary has more recently backed away from meeting his own August deadline, Mnuchin's comments on Thursday reinforced his own commitment to finalize an overhaul of US tax policy in 2017.
Some deficit watchdogs, however, argue that past tax cuts haven't yielded the economic growth that proponents have promised. RUSSIA The House of Representatives Intelligence Committee, which is investigating Russia's involvement in the 2016 US election, says it has invited the directors of the Federal Bureau of Investigation and the National Security Agency to appear at a closed hearing on May 2. Mnuchin now says the administration still hoped to get a bill passed well before the end of the year.
"On the tax front", Dallek said, "Most of those pieces will have to go through Congress to have significant impact on the tax code".
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"We should be working to lower taxes for hardworking families and workers across OH, not helping multimillion-dollar corporations cheat the system to avoid paying their fair share", Brown said. "We're working with all of the different levers".
The president changed his tune a few weeks later, telling Fox Business' host Maria Bartiromo on April 12 that: "We're going to have a phenomenal tax reform (plan), but I have to do healthcare first".
"We're not going to do anything that makes USA businesses less competitive", Mnuchin said. "If you want to insist on having a tariff on our product, the president believes we should treat you in a reciprocal fashion". Trump is pushing for a health care vote next week, and he also told the AP that he is rolling out his tax plan next week. The process can be controversial, in that economists use differing models to gauge such outcomes.
Cohn also emphasized the importance of dynamic scoring - saying it might help the administration's plan avoid the pitfall of expiring after 10 years. "We would like a permanent solution".
Without giving away many details, Mnuchin did say the Trump tax plan would have either three or four tax brackets - there are now seven - along with a streamlined tax system. Trump's order directs Mnuchin to determine if the authority could lead to costs for the Treasury, and hence to taxpayers.