President Trump’s Team is Drafting Tax Reform Legislation
US President Donald Trump’s administration is working on a new tax reform legislation that goes beyond the House of Representatives’ tax reform blueprint, according to the latest reports I have received.
“The House can go and do what they want to do. We are going to formulate our own policies,” Mick Mulvaney, Office of Management and Budget director said this week.
The House’s blueprint was released in Y 2016 as part of House Speaker Paul Ryan’s “Better Way” agenda.
After the Barack Obamacare (ACA) repeal bill was withdrawn, the White House noted that it would take the lead on tax reform.
President Trump and his Team have gotten input from lawmakers, businesses, and industry representatives to “develop a plan that will provide significant middle class tax relief and make American businesses more competitive,” according to the White House.
AshLee Strong, Speaker Paul Ryan’s spokeswoman, said they would find a plan workable for both the White House and the House. “Our intention has always been and continues to be to coalesce around a unified GOP plan, and those conversations continue.”
Alan Cole, Tax Foundation economist, pointed out that “If tax reform happens, it will be because the President has picked out a plan, and herded and corralled the members of Congress into voting for it.”
If a border adjustment provision, which would tax imports and exempt exports, does not become part of the plan, the White House must find some other way to accommodate the lowering of tax rates that will likely be included.
Kevin Brady (R-TX) said that The Trump Team is at work on the “most pro-growth tax code.”
Steve Forbes, Forbes Media CEO, said Thursday that Republicans should put in place tax cuts first. “People have to feel the economy is getting better,” he said.
The last successful tax reform was in Y 1986, it is time…
Have a Happy Easter Weekend.
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