Trump tax reform plan coming "very soon"

21 April, 2017, 21:01 | Author: Valerie Burke

Speaker of the House Paul Ryan hinted Wednesday that the first major overhaul of the USA tax code in almost 30 years will likely get pushed back once again, this time moving the timetable from late summer to sometime in 2017.

"This will be done in 2017, that is our time line, we would like to get it done as soon as possible", Ryan told reporters during a visit to London that was part of a multi-nation trip aimed at strengthening USA economic and security ties with North Atlantic Treaty Organisation allies. "We can clearly get this done by the end of summer but if it needs to go a little longer, we'll do that".

The biggest hurdle to getting some kind of tax legislation to Congress this year is the president's insistence that a revamp of former President Barack Obama's hallmark Affordable Care Act be completed first, Phillips said.

Senate Democratic leader Chuck Schumer has argued that Trump has major conflicts of interest on taxation of the real estate industry, elimination of the estate tax.

Tax reform, a highly-anticipated pillar of President Donald Trump's policy agenda, will be "challenging" to accomplish before the end of the year, Goldman Sachs (GS) said Wednesday morning, delivering the latest blow to the post-election "Trump trade" that has powered Wall Street higher since November. Although the healthcare-reform effort was largely unsuccessful, President Trump has a rare opportunity to successfully push a comprehensive tax reform package through Congress. The president's controversial ban on immigration from seven Muslim-majority nations was rejected by the U.S Court of Appeals for the Ninth Circuit in February, while an amended version targeting six countries was blocked by a Hawaii court in March. "Tax reform probably should have gone first, but now is the time to move it forward with urgency".

Ryan's platform includes some rather contentious features that will undoubtedly cause some tumult among some conservative-Republicans and Democrats in Congress. The provision has been attacked by some conservatives and Democrats who argue it would hurt consumers and some US companies reliant on foreign goods.

Asked when the details of the plan would be released, Treasury Secretary Steven Mnuchin said, "Soon, very soon".

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