How about Trump-Schumer-Pelosi tax reform?

17 September, 2017, 07:09 | Author: Valerie Burke
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He told reporters Thursday in Florida that his tax cut plans are "not to benefit the wealthy".

Trump reiterated that he hoped to lower the top corporate tax rate from 35 to 15 percent, something Ryan has already ruled out as impractical - and an idea the president himself has backed off from, according to people with knowledge of a meeting he held Tuesday night with bipartisan senators.

President Donald Trump says he wants to cut taxes to help middle-class Americans, not rich ones. In fact, nonpartisan studies consistently suggest most of the benefits of corporate tax cuts go to company owners or investors, not to hire more workers or raise wages.

The President is cutting deals with Democrats because he learned during the debt ceiling deal that Republicans complain, but they will mostly go along with whatever he agrees to.

The think tank, a joint venture of the Urban Institute and Brookings Institution, found that Congress could drop the corporate tax rate to 26 percent and set individual income tax brackets at 6.1 percent, 11 percent and 28 percent without increasing the deficit, but only if it also wiped out every single tax expenditure for individuals - including popular deductions for charitable giving and mortgage interest as well as tax credits for low-income households - and nearly all for businesses. "I think the wealthy will be pretty much where they are", he said. But he also believes that codification of former President Barack Obama's Deferred Action for Childhood Arrivals program, which President Donald Trump will end in March, must include fortified border security and heightened immigration enforcement. This is another tax break for the wealthy, not the middle class.

Referencing tax cuts signed by President George W. Bush, Ryan said, "You can't just do what Bush did in 2001 and 2003".

Reed was among a bipartisan group that met with Trump Wednesday. He said he would love to have the Democrats working with the GOP "but we're going to do it no matter what". But none have presented details of a plan.

Trump continues to put pressure on lawmakers to get a tax bill completed - he posted a Twitter message on Wednesday saying: "With Irma and Harvey devastation, Tax Cuts and Tax Reform is needed more than ever before". Pelosi and members of her caucus in the House have taken a similar stance, and as such, Democrats are specifically criticizing plans to repeal the estate tax and the possibility of eliminating deductions widely used by the middle class.

Cruz, who opposed Trump for the Republican presidential nomination a year ago, gave a speech Wednesday on his goals for tax legislation during an event sponsored by the Tax Foundation, a Washington policy group.

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