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Trump Administration Starting Over on Tax Reform

Image: Trump Administration Starting Over on Tax Reform
(Chip Somodevilla/Pool via Bloomberg)

By    |   Monday, 10 Apr 2017 10:06 AM

President Donald Trump is starting over on tax reform, according to a Monday report on Fox News.

A White House official told Fox that every option remains on the table, and a detailed plan is weeks away.

The White House is aiming to be more active in working on the reforms after the failure to enact healthcare. Secretary of Treasury Steven Mnuchin set an August deadline for tax reform, but that deadline appears unlikely to be met, according to Fox News.

Rep. Kevin Brady, R-Tex., proposed a border adjustment system that would delete corporate deductions on import, and thereby raise $1 trillion over 10 years. Retailers have rebuked that idea, saying it would raise prices and threaten jobs.

The Detroit News reported that Brady was listening "very closely" to industry concerns and plans to modify the proposal.

Another proposal cuts the payroll tax and corporate tax rates, and could require dedicated funding for Social Security. That approach could give workers more take home pay, the report said.

On Tuesday, the White House denied that it was considering a carbon tax as part of the reforms, according to CNBC.

Sen. Rob Portman, R-Ohio, who is on the Senate Finance Committee, said that the reform proposals that have appeared are not representative of the plans that are in the works.

"It's not really what's going on. What's going on is they're working on various ideas," Portman said.

White House economic adviser Gary Cohn said on Bloomberg TV that the administration is committed to finishing up tax reform this year, but noted Mnuchin's August deadline.

"I don't know if it's August or not. Getting it done well and getting it done right is more important than getting it done soon," Cohn said.

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President Donald Trump is starting over on tax reform, according to a Monday report on Fox News.
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2017-06-10
Monday, 10 Apr 2017 10:06 AM
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