Trump Meets With Democrats To Build Support For Tax Overhaul Plan

Trump Meets With Democrats To Build Support For Tax Overhaul Plan

Trump Meets With Democrats To Build Support For Tax Overhaul Plan

House of Representatives Speaker Paul Ryan said an outline of a plan would be unveiled during the work week beginning September 25, with congressional tax-writing committees crafting detailed legislation in the subsequent weeks.

Many GOP lawmakers are hungry for details about the upcoming tax plan.

Gleckman said policymakers could pay for tax cuts by finding new sources of revenue to compensate for lower rates, rather than expanding the deficit.

The as-yet-undrafted bill to overhaul the tax code is the top priority for Trump and Republicans. "That is more important than anything else because if we have tax reform that doesn't actually fix our problems, then we'll lose more and more businesses, and the deficit will go even higher".

Trump has been pushing for changes to the tax code to cut corporate and individual rates and simplify the system, but has offered few specifics.

Republicans must agree upon a companion budget plan if the tax effort is to get off the ground. And voters should hold to account those who obstruct comprehensive tax reform.

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"I would tell you he is very frustrated with what happened with health care, and he's going to do everything he can to make sure that doesn't happen with tax reform", Rep. Chris Collins (R-NY), a close friend and ally of Trump's, said Friday.

Instead, Republicans are talking about tax cuts whose costs to the debt - still under negotiation - would be justified by assumptions of greater economic growth. There has also been talk in the Senate about increasing tax rates on capital gains and dividends.

¹Last month, Chuck Schumer and 44 other Senate Democrats offered to work with President Trump and Senate Republicans on a bipartisan tax reform bill, including passage of provisions to "promote domestic investment (and) modernize our outdated business and worldwide tax systems".

However, he said he still wants to see the details on the tax plan before he signs anything.

Steven Rosenthal, a senior fellow at the nonpartisan Tax Policy Center think tank in Washington, said Trump was unlikely to raise taxes on investment income. Manchin said he'd be willing to welcome him there and be on stage with him.

In a radio interview, Ryan said "there's a sweet spot for this. a majority in Congress" to protect young immigrants while also bolstering border security.

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"The administration looks forward to continuing these conversations with leadership on both sides of the aisle", the official said. One of Trump's major campaign promises was building a wall the entire length of the U.S.

Trump met with a bipartisan group of senators on tax reform this week, a meeting that press secretary Sarah Huckabee Sanders said was "highly productive". "I think that is something the Democrats are beginning to understand".

Asked by CNN's Jeff Zeleny if conservatives should be skeptical of his meeting with Democrats, Trump said "well, I'm a conservative and I will tell you I'm not skeptical". "Now it might not work out".

Speaking on MSNBC's "Morning Joe" Wednesday, Manchin says Trump will focus on tax cuts for the middle class. Maybe Trump and the Republicans will try to do the same.

Members of the far-right House Freedom Caucus reminded Ryan on Thursday that he promised the group when he ran for Speaker in 2015 he would not bring any immigration bill to the floor that didn't have the backing of the majority of his 240-member GOP conference. That's the six senior policymakers leading the tax overhaul effort.

He says the wealthy "will be pretty much where they are" and "if they have to go higher, they'll go higher, frankly".

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