Tax Reform: Most American Getting a ‘Tax Break’
- The Russell 2000 (Small Caps) +1.95% at a new all-time high for the 4th session running.
Most people will almost certainly get a tax cut under a new tax reform plan rolled out by President Trump Wednesday in Indiana
President Trump unveiled his tax plan Wednesday at an event in Indiana. Where he laid out the details of the framework for all Americans.
“There is some chance that very high income individuals will not. I hope everyone gets a tax cut. Certainly, middle class and working class families definitely will get a tax cut,” said Senator Pat Toomey (R-PA), a member of the Finance Committee, said Wednesday morning on TV.
Republicans also hope to bring the corporate tax rate to 20%, as that will be “enormously constructive.”
“That will help workers because the evidence is very clear a high corporate tax rate comes in part of the expense of the employees of that company,” Senator Toomey said.
Senate Minority Leader Chuck Schumer, (D-NY), has said that Democrats want to be involved in working on tax reform, and Senator Toomey said Chuck Schumer is welcome to work if he wants to.
“It is going to go through the committee,” Senator Toomey said. “There are Democrats on the committee. If they want to participate and help constructively they will have every opportunity to do so.”
The work will start next week, when the Senate Budget Committee produces a budget allowing work on tax reform, Senator Toomey said.
“That will be a concrete step in the right direction,” he said. “There has been an awful lot of work that has gone into — a lot of agreement on what the tax code should look like. Unfortunately we hadn’t had that consensus among Republicans on healthcare. I think we’re much closer on taxes.”
Failure on tax reform, is not an option the Senator said.
“We have the momentum and know where we want to go and have a consensus. But it will be difficult and we have to do the hard work now of getting it done.”
Senator Toomey said he also has faith in Senate Majority Leader Mitch McConnell (R-KY) to continue leading Republicans in the conference.
“He is going to insist on an open process where every interested member has a chance to weigh in,” Senator Toomey said. “That is the right approach and I’m confident we’ll get the job done.”
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