Trump "100 percent" committed to take on tax reform in 2017-Cohn

Trevor Jackson
August 2, 2017

In floor remarks on Tuesday, Schumer said tax reform should be about increasing "wages for working families, improving middle class job growth, promoting domestic investment while modernizing our outdated business and worldwide tax system".

In a letter to Republican leadership, Senate Democrats said they are willing to work in tandem with the GOP on overhauling the USA tax code as long as the middle class doesn't pay more and the top 1% of earners doesn't pay less.

"The message is [tax reform] may not be ideal for everything you want, but it's going to be really really good for the economy and better than what we have", Mnuchin said.

Treasury Secretary Steve Mnuchin said at the event the sell for tax reform should resonate with those on both sides of the aisle and even addressed the argument often floated that reforming the tax code will only benefit the wealthiest Americans.

"We are now in what I would say is a 100 percent coherent place", Gary Cohn, the president's top economics aide, said Monday at a White House meeting.

In the letter, the Democrats said they "will not support any effort to pass deficit-financed tax cuts, which would endanger critical programs like Medicare, Medicaid, Social Security, and other public investments in the future".

Be fiscally responsible and not add to deficits. "We look forward to working together to write tax reform legislation that provides real relief for America's working families".

Republicans reeling from the collapse of their health care overhaul effort badly want a big win - but diverging goals threaten another major party promise, the GOP's relentless push to streamline the nation's tax system.

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House GOP leaders have proposed axing the deduction for state and local income taxes paid, but have run into opposition from Republicans from higher-tax blue states such as NY and New Jersey.

"We are going to simplify personal taxes where 95 percent of Americans will be able to fill out their tax return on a large postcard", Mnuchin said.

The House Ways and Means Committee is expected to mark up a bill first, hopefully the first week back in September, Short said.

The White House expects to have the bill through the House by October and passed in the Senate by November. And to the extent they choose to pay for it, it's not clear if they'll simply lean on optimistic growth assumptions to offset the cost of tax cuts.

Mnuchin also argued that President Trump is ready for the brewing battle over tax reform. "And if he doesn't, then I guess we'll have to figure out from a congressional standpoint what we do".

According to reports, the White House is aiming to get tax reform done by the end of 2017. "Broadening the tax base and lowering the corporate tax rate will allow our industry to compete effectively in the global marketplace, especially without the additional burden of a Border Adjustment Tax". Republicans argue business tax cuts create more jobs and raise wages, and will be a win for the average American.

Top Senate Republicans think it's time to leave their derailed drive to scrap the Obama health care law behind them.

William Gale, a senior fellow at the Brookings Institution and an economist in George H.W. Bush's White House, said it appears that little progress has been made since the administration unveiled its tax goals in April.

Other reports by TheDailyFarc

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