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Mulvaney: Lawmakers 'Really, Really Close' to Tax Reform Bill

(Fox News)

By    |   Thursday, 14 December 2017 10:45 AM

Lawmakers are "really, really close" to passing tax reform legislation, as a great deal of progress has been made within the past 24 to 48 hours, Office of Management and Budget Director Mick Mulvaney said Thursday.

"It's not over until it's over, but it's really, really close," Mulvaney told Fox News' "Fox & Friends" program. "You give both the House and the Senate a chance to vote on Monday and Tuesday of next week, and that's when it would be over."

The impact on Americans' paychecks, should the law be passed, will start to be felt as early as January, said Mulvaney.

"That's because it takes the IRS a certain amount of time to change the withholding tables, the tax tables and so forth," the budget chief said. "Plus, the law won't actually become law until the first of next year. We're still paying taxes in 2017 . . .

"Keep in mind, this morning while there was some discussion about some of the tax decreases until 2019, now we're hearing those are going to kick in in 2018, so things are going to happen sooner. So, again, a bunch of good news, a bunch of different ways both for the economy and for ordinary families."

On Wednesday, House and Senate GOP leaders forged an agreement to overhaul the nation's tax laws, with top Republican aides saying lawmakers reached an agreement in principle on the final package. Details will still need to be drafted, but the final compromise is expected to be unveiled this week.

Sen. Orrin Hatch, R-Utah, said, though that it's "more than that," when he was asked about the agreement being in principle.

"I think we've got a pretty good deal," he said.

Meanwhile, a Quinnipiac poll released this week shows 65 percent of Americans don't like the idea of the tax reform bill, and 26 percent who do, and Mulvaney said that's because of the negative news being reported through much of the media.

"I was listening to radio here in Washington, D.C., and it was one negative story after another," he said. "I think Chuck Schumer 15 different times today said this is a giveaway to the rich, the same story Democrats have been pitching for a long time."

The bill, however, is "exactly what we asked for it to be from the beginning" and will benefit families by allowing them to pay less money, Mulvaney added, and the corporate tax rate changes will help drive investment.

"This is what the White House wanted," Mulvaney said. "This is what we need to maintain that healthy economy. We're very excited about it, and its good news for everybody."

Mulvaney said he does not expect that there will be a government shutdown, even if Democrats won't work to keep that from happening, or are threatening a shutdown over reforms to the Deferred Action for Childhood Arrivals program.

"There's plenty of time to fix that," he said. "We hope we will get a chance to being with the Democrats and the Senate. We do need 60 votes in the Senate. Keep in mind, that's one thing. If we run the White House and Senate, why can't we run it itself? We need the 60-vote threshold, so hopefully that will help us fund the government."

The budget chief, appearing later on CNBC's "Squawk Box" said concerns being voiced about individual parts of the pending tax bill, including the taxing of university endowments, while saying he remains "cautiously optimistic" about it passing.

"If you're a young person, one thing you should think about is that we are looking at three consecutive quarters of 3 percent economic growth that's a healthy American economy," Mulvaney said.

"If you're under the age of 30, you've never had a job as an adult in this country when the economy is healthy. The things you can do as a young person when the economy is growing and healthy is dramatically different than what we saw during the previous administration."

The government also is now getting back to its core business, he added, and businesses appreciate that.

"I think businesses appreciate that even if families don't recognize how federal regulation touches them a rare way, they know the impact, they know it's easier to buy things," said Mulvaney.

"I think you're seeing the proof in the numbers, the numbers are good. We'd love to take credit because I think our policies have a great deal to do it, but people are better off now than they were a year ago and they'll be better off a year from now."

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Lawmakers are "really, really close" to passing tax reform legislation, as a great deal of progress has been made within the past 24 to 48 hours, Office of Management and Budget Director Mick Mulvaney said Thursday.
mick mulvaney, lawmakers, close, gop, tax reform
Thursday, 14 December 2017 10:45 AM
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