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26 September 2017
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President Donald Trump (The Total Investment & Insurance
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President Donald Trump vowed to deliver on a major tax cut for middle-class
Americans on Tuesday as the White House and congressional leaders prepared to
release details on a tax overhaul proposal that would slash the corporate rate
and simplify the nation's tax code. The
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Trump met with Republicans and Democrats from
the tax-writing House Ways and Means Committee at the White House, telling
reporters he would be releasing a "very comprehensive, very detailed
report" on Wednesday that would offer the framework for his top
legislative agenda.
"We will cut taxes tremendously for the middle-class.
Not just a little bit but tremendously," Trump said. He predicted jobs
"will be coming back in because we have a non-competitive tax structure
right now and we're going to go super competitive." The Total Investment & Insurance Solutions
The president and congressional leaders were
putting the final touches on plans for the first major overhaul to the tax
system in three decades, a major Trump campaign pledge that the White House
hopes will give Trump a sorely needed legislative achievement. The Total Investment & Insurance
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The plan would likely cut the tax rate for the
wealthiest Americans, now at 39.6 percent, to 35 percent, said people familiar
with the plan. They spoke on condition of anonymity ahead of a formal
announcement.
In addition, the top tax for corporations
would be reduced to around 20 percent from the current 35 percent, they said.
It will seek to simplify the tax system by reducing the number of income tax
brackets from seven to three.
Trump has said he wanted a 15 percent rate
for corporations, but House Speaker Paul Ryan has called that impractically low
and has said it would risk adding to the soaring $20 trillion national debt.
The president said they would be announcing the specific rates on Wednesday.
Trump said some of the components included
doubling the standard deduction used by families and increasing the child care
tax credit. He said the majority of Americans would be able to file their taxes
on a single page. "We must make our tax code simple and fair. It's too
complicated," Trump said.
He sat with several members of the House Ways
and Means Committee, including its chairman, Rep. Kevin Brady, R-Texas, and the
committee's top Democrat, Rep. Richard Neal of Massachusetts. The Total Investment & Insurance
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Vice President Mike Pence, Treasury Secretary
Steve Mnuchin and White House economic adviser Gary Cohn also attended the meeting.
All three are expected to play a major role in the administration's push to
overhaul the system.
The White House and congressional leaders are
planning an all-out blitz later this week to build support for the plan, which
comes as the GOP has struggled to repeal and replace Democrat Barack Obama's
health care law. The political stakes are high for Trump, who has promised to
bring 3 percent economic growth and expanded jobs through tax cuts. The Total Investment & Insurance
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Trump will be in Indianapolis on Wednesday to
promote the tax framework and Pence was expected to hold events in Michigan and
Wisconsin on Thursday with business leaders. The Total Investment & Insurance Solutions
Cabinet members and other top administration
officials were fanning out on Thursday to talk about the benefits of
overhauling the tax system.
The plan being assembled lays out
"pro-growth tax reform," Brady told reporters on Capitol Hill. It
will fix a tax code that is "so complex, so costly and so unfair," he
said. Brady predicted the plan "will deliver the lowest tax rates on
businesses in modern history." The
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Details will be filled in later by the
committee, and legislation will be put forward after the House and Senate enact
their budget frameworks, Brady said.
Republicans are divided over the potential
elimination of some of the deductions, underscoring the difficulty of
overhauling the tax code even with GOP control of the House and Senate. The Total Investment & Insurance
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House Republicans planned to hold a retreat
Wednesday at Fort McNair in Washington, D.C., a few miles from the White House,
to discuss the proposal, with briefings led by Brady and Rep. Peter Roskam,
R-Ill.
Touching with his conservative base, Trump
discussed the tax plan at dinner Monday night with representatives of several
conservative, religious and anti-abortion groups. Outside Republican groups and
business interests are also planning a major push to advocate for the tax
framework.
Corry Bliss, the executive director of the
American Action Network, a conservative advocacy group, said it planned to
spend $12 million — atop the $8 million it spent laying the groundwork for the
tax overhaul — to help win passage of the plan. The Total Investment & Insurance Solutions
"There's an understanding among outside
groups, among members, among Republicans across the country that there is a
desperate need to cut middle-class taxes," Bliss said, noting
"excitement and relief" among outside groups that it was
"finally time" to push the tax package in Congress.
Republicans control Congress but they are
split on some core tax issues. They're in agreement on wanting to cut tax rates
and simplify the byzantine tax system but they're divided over whether to add
to the government's ballooning debt with tax cuts. The GOP also is at odds over
eliminating the federal deduction for state and local taxes.The Total Investment & Insurance
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