Trump's Tax Reform Reveal Won't Tell Much, Aide Says

Trump tax

Trump also hinted Friday that he's nearly ready to make another big announcement on taxes, saying he was ready to unveil a "massive tax cut" next week, shortly before he reaches the symbolic 100-day mark of his presidency.

In its report on Friday's signings, Vox said the set of actions was "a clear flashing light that the notion of a Trump-era GOP as an economically populist "workers" party' is dead, and business interests rule the roost". But they will disagree about how much growth will result, and therefore how much of the plan's revenue loss will be offset.

The cost could jump to almost $4 trillion if Trump also chooses to extend the 15% rate to so-called pass-through businesses, which include everything from small businesses to big law firms and investment partnerships.

But while he supports lowering the corporate tax rate, Cole said he "wouldn't want to do it at the cost of exploding the deficit".

"We'll be having a big announcement on Wednesday having to do with tax reform".

The election of Republican majorities in both the House and Senate meant Trump came into office with the best opportunity to pass pro-business tax legislation in more than a decade. After all, Trump released multiple tax plans over the course of the 2016 campaign, while Paul Ryan and friends have been touting their own supply-side visions for years.

Mnuchin said one of the White House's top priorities was to complete "comprehensive economic tax reform", dramatically simplifying how people file their annual returns.

The top tax rate for individuals would be cut from 39.6 percent to the "mid-30s", the official said.

In earlier days, Trump vowed to oversee the biggest "tax reform" since President Ronald Reagan's in 1986, a legislative feat that has since defied every president.

Trump will order a review of this as well, Mnuchin said.

So, given what a gnarly beast tax reform is, it's understandable that it's taken the president a while to find his silver bullet. But the concept hasn't gained much support among Republicans in the House or Senate - and retailers, carmakers and oil refiners that rely on imported goods have said the tax would raise prices on consumer goods.

He said Monday that Trump is "very determined" that the USA can achieve sustained economic growth of 3 percent or greater, which would pay for the tax cuts along with "trillions of dollars" brought in from offshore havens.

Budget experts have forecast that Trump's proposal could boost the economy but also dramatically expand the deficit because trillions of dollars in revenue would be lost over 10 years.

Mr Trump's comments came as he signed an executive order on Friday ordering a review of Obama-era tax rules in order to simplify the tax code, in part, a way of encouraging USA companies to stay in the US.

"It is fair to say it is probably delayed a bit because of the healthcare", he told The Financial Times in an interview released on Monday.

But whatever their differences, the outside groups are unlikely to echo what the White House wants to hear: that massive tax cuts can pay for themselves.

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