Tags: tax reform bill | border tax | congress | white house

Trump Administration Drafting New Tax Reform Proposal

Image: Trump Administration Drafting New Tax Reform Proposal
President Donald Trump (AP Images)

By    |   Friday, 14 Apr 2017 08:33 AM

President Donald Trump's administration is working on a new tax reform proposal that goes beyond the House of Representatives' tax reform blueprint, according to The Hill.

"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 Wednesday on CNBC.

The House's blueprint was released in 2016 as part of House Speaker Paul Ryan's "Better Way" agenda.

After the Obamacare repeal bill was withdrawn, the White House noted that it would take the lead on tax reform. 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," a White House spokesman said.

AshLee Strong, 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 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-Texas) said on CNBC earlier in April that Trump's 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.

An opinion piece Friday in U.S. News and World Report outlined reasons why the president will find tax reform a more difficult procedure than he first believed. The last successful tax reform was in 1986, the U.S. News report noted.

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President Donald Trump's administration is working on a new tax reform proposal that goes beyond the House of Representatives' tax reform blueprint, according to The Hill.
tax reform bill, border tax, congress, white house
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2017-33-14
Friday, 14 Apr 2017 08:33 AM
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