31 August, 2017
"Americans for Tax Fairness " Make no mistake, what Trump and Republican leaders in Congress are proposing is not tax reform", Frank Clemente, executive director of Americans for Tax Fairness (AFT), said in a statement on Tuesday. They say he will promote tax cuts as a way to help American workers.
Key questions remain. For instance, Trump said in April he wants to lower the tax rate on businesses to 15 percent, but it is unclear if this rate will remain or ultimately be revised upward. There has been no comprehensive overhaul of the tax code since 1986.
That's a outcome of the one major decision they have made: to scrap a proposed "border adjusted tax". That should help all those struggling white working class folks who voted for Trump. And the Democrats have shown no willingness to support a tax overhaul they deem to benefit the wealthy disproportionately.
What's more, since it will be politically hard to agree on ways to offset the costs of tax cuts, there's a fair chance they will be financed through government borrowing.
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. Wednesday's speech is to focus on tax reform, according to the White House, and will viewed primarily by credentialed media.
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"Our team has been working with the White House and the Senate to ensure we are all moving in one direction to reach this important goal", said Emily Schillinger, a spokeswoman for House Ways and Means Chairman Kevin Brady.
Arguments why a corporate tax cut won't help - and may even hurt - the middle class: US corporate profits today are very high and corporations are already sitting on almost $2 trillion in cash here and overseas.
"I don't want to be disappointed by Congress, you understand me?"
Like the failed push to repeal former President Barack Obama's health care law, the tax effort is likely to encounter strong Democratic opposition and divisions among Republicans, leaving its fate uncertain.
The current rate in the USA is 35%, but President Trump has pledged to reduce that to 15%. But Trump is not expected to tie his tax reform push to specific percentages or numbers as administration officials and GOP congressional leaders continue to hash out the details of a proposal that would make its way through Congress' committee process. "Dem C.M.is opposed to big tax cuts", he posted.
Still, Cohn said he had chose to remain at the White House and administration officials have said he has remained focused on the tax reform push.