Ryan promises to overhaul tax code this year despite hurdles

21 June, 2017, 03:18 | Author: Elaine Woods
  • U.S. President Donald Trump meets with Pharma industry representatives at the White House in Washington U.S

Just this week, seven House Republicans from NY and New Jersey signed a letter asking the administration - and by extension, the speaker - to reconsider a plan to repeal the deduction for state and local taxes.

His comments come in excerpts of the speech released by his office, the website said.

On Monday, Americans for Tax Fairness prepared a memo discussing the lessons that Donald Trump, Paul Ryan, and Congressional Republicans should learn from Kansas's failed tax cut experiment.

Paul Ryan will advocate to get tax cuts done in 2017 in a speech on Tuesday. "We can not let this once-in-a-generation moment slip", Ryan will say, according to excerpts of the speech provided to Business Insider.

Rolling back Obamacare would provide a almost $1 trillion tax cut that would disproportionately benefit the wealthy and businesses.

"We are going to cut taxes", he said. The only change was that he notched up his rhetoric on the importance of completing a tax overhaul, calling it a chance for Congress "to do something transformational - something that will have a truly lasting impact long after you and I are gone".

The Trump administration and Republicans in Congress face mounting pressure from US businesses and their electoral base to deliver tax reform, a top 2016 campaign pledge that could determine whether Republicans retain control of Congress in the 2018 midterm elections.

Ryan said if Congress can't pull off health-care legislation, then the taxes imposed by the 2010 ACA - including an 3.8 percent investment-income tax on the highest earners - would stay in place and not be incorporated into a tax bill. Mnuchin said in an interview on CNBC that "massive tax reform" is his "No. 1 priority" this year.

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A White House spokeswoman said President Donald Trump's administration plans to introduce a unified tax plan - agreed on by the president and Republicans in the House and Senate - within the first two weeks of September. For starters, there are still big disagreements within the Republican party itself as to how low tax rates should be and whether it's even necessary to pay for tax cuts.

Other agenda items, most notably the overhaul of the healthcare system, also may hold up the progress, as well as the cloud of the investigation into ties between President Donald Trump's campaign and Russian Federation. Representative Jim Jordan has proposed some $400 billion in welfare spending cuts to help pay for tax cuts.

Originally expected to unveil tax reform legislation in the spring, Republicans are under pressure from business lobbyists to make good on campaign pledges to reform the tax code and pass healthcare legislation.

"Here we are a year later, and Congress has made little progress toward cutting taxes -even though voters overwhelmingly sent Republicans to Washington with a clear mandate to reduce taxes", said David McIntosh, the president of the conservative advocacy group Club For Growth.

He said tax reform is about "looking down the road, it's about planning for the future, leaving a legacy".

Ryan said people shouldn't listen to the naysayers on tax reform. "Wall Street and investors are in a holding pattern". "There are so many different ways of ways to achieving this". He's excited about what we did in the House. But the bottom line here is this: "We can not accept a system that perpetuates the drain of American businesses overseas".

To deal with the constraints of reconciliation, Ryan and the leaders of the tax-writing House Ways and Means Committee have been pushing for revenue-neutral tax reform that is permanent. It could also determine whether the GOP will retain control of the Senate and also the House in midterm elections to be held in 2018. Some have also griped about the lack of clarity from the White House regarding details of a tax plan.

Ryan acknowledged the obstacles ahead, but remained optimistic. "I don't know what the objective was". You will hear that tax reform is coming along.

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