Trump touts tax reform, tells Congress to deliver

Trump touts tax reform, tells Congress to deliver

Trump touts tax reform, tells Congress to deliver

"Millions of Americans have watched that prosperity slip away in the rear view mirror", said Trump.

The president used the official White House event to inject an overtly political message aimed at Missouri Democratic Sen.

"I'm glad that President Trump will be in my hometown of Springfield to highlight the economic benefits that tax reductions and other pro-growth policies will have for Missouri families, farmers, and small businesses".

"They are taking us, frankly, to the cleaners", the president said.

The Trump administration's stated goal is to adopt tax reform by the end of the year, but that's a tall task both technically and politically.

But Trump called tax relief for middle class families a cornerstone his campaign. But he was not among a number of administration officials whom Trump publicly thanked in his opening remarks. When you argue for things like "lower rates" and a "simpler" tax code, that can mean a lot of different things to different people. His past proposals have included a historic slashing of the corporate tax rate, bringing the top individual rate down to 35 percent, and introducing a loophole that would allow people like hedge-fund managers and lawyers to reorganize their businesses as pass-through entities and pay the corporate rate on their income, which Trump wants to be 15 percent.

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"We are united in our determination to get this done". Trump is expected to make several more trips around the country to pitch tax reform before Congress takes up the legislation, the administration official said. For instance, it seems very likely that the president's approval rating would be higher if, early in his administration, he had pushed for a big, bipartisan infrastructure bill rather than capital-gains tax cuts and Medicaid reform (i.e., the GOP's first effort at health-care reform). They're already mounting a large messaging campaign to protest any tax cuts that disproportionately benefit the wealthy.

At the same time, though, Republicans are making it clear that talk is all we are going to get so long as there is any chance of pushing through tax cuts before Trump has a Chernobyl-level meltdown. The White House and Republican lawmakers have not finalised a plan and the push comes amid an intense September workload for congress.

With Congress due to return next week after the August recess, focus is turning to tax reform.

"I don't want to be disappointed by Congress", he said.

The House Republican plan would cut the top tax rate back to 30% or lower, with comparable reductions for those now facing lower tax rates. A boost in economic growth from 2% to 3% would raise tax revenues by as much as $3 trillion over 10 years, according to the Congressional Budget Office, while also reducing debt as a percentage of GDP. Mnuchin said from the White House briefing room. "We are on the cusp of an economic turnaround, and these tax changes must happen this year in order to have any real impact on business decisions that can produce significant economic growth".

Harvey aid is a fresh addition to an agenda already packed with must-do tasks and multiple legislative deadlines: Passing a stopgap spending bill to avert a government shutdown; increasing the government's borrowing authority to prevent a market-quaking default on USA obligations; and paving the way for a GOP rewrite of the US tax code.

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