Published: Thu, August 31, 2017
Medical | By Carla Vaughn

Trump pitches tax reform to 'bring back Main Street'

Trump pitches tax reform to 'bring back Main Street'

White House officials, like National Economic Council Director Gary Cohn, have said the administration is turning over the process of hammering out a plan to the congressional committees in charge of taxes.

President Trump isn't backing off his plan to slash tax rates for every American when he delivers a speech Wednesday aimed at mustering public support for a massive overhaul of the tax code, said White House officials, despite widespread resistance to tax cuts for the wealthy.

Trump also took a few stabs at the hard argument that cutting corporate rates would lead to job creation and benefits for people other than just the very rich.

Trump made a slew of promises about his tax plan.

The president will speak at a manufacturing company in Springfield, but is not expected to reveal key policy details.

Pascrell also floated the possibility that Trump's global business empire might benefit from his tax plan, though no one can know "until the President releases his tax returns" - a step Trump has refused to take. The president framed the US tax code problem in terms of competitiveness.

Trump owes his November election victory partly to his ability to get working-class Americans to support a range of business policy positions, including his call for slashing the USA corporate tax rate to 15 percent from 35 percent.

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The officials, who asked not to be identified during a conference call with reporters, said those ideas would make for a "bipartisan" message because the notion of a rigged economy cuts across the spectrum of USA political ideology.

He pointed out that, during Trump's campaign, the then-Republican candidate promised to protect Medicaid and expand healthcare for everyone. "And I am fully committed to working with Congress to get this job done".

McCaskill has said she wants to simplify the tax code, which is also one of the GOP's goals, but she is against "cuts for the wealthy".

While selling the as-of-yet unfinished tax plan appears to be the next big push from Trump and the White House, it is far from the top of the list for Congress' to-do list next month.

"Our baseline forecast continues to pencil in a modest, temporary, deficit-financed tax cut to be passed in 2Q2018 through the reconciliation process, avoiding the need to attract 60 votes in the Senate". "That would cause investment to flow overseas, and that would reduce the capital which workers in the United States have, so it should reduce wages". According to the Springfield News-Leader, company executives contributed to Trump's presidential campaign past year. The Trump tax plan doubles the standard deduction, but also appears to repeal personal exemptions, which would raise taxes on millions of low- and middle-income families: taking this into account along with other revenue-raising proposals that the campaign and Administration have mentioned would mean almost one-quarter of households in the middle fifth of the income distribution would face tax increases averaging $990 apiece, according to TPC.

"Anybody I forget?" Trump said, before moving on with his speech.

Republicans control both chambers of Congress, but there is hardly a consensus on tax reform, and talks on the issue is set to be arduous.

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