Trump says he's willing to consider raising gas tax

Mnuchin says the tax plan has been in the works for a while, telling the FOX Business Network's Maria Bartiromo, "We've been working on tax since the president was elected".

President Trump could be willing to raise the US gas tax to help overhaul the nation's infrastructure. The Tax Policy Center figures the cost to run around $7 trillion in the first 10 years, and by 2036, it balloons to at least $20.7 trillion. Seegert says the truth is - we don't have enough details to know if this is expensive or really expensive.

While it would protect deductions for mortgage interest and charitable giving, questions remain about whether the administration would protect the tax break on retirement contributions. I can give you 30 million reasons, one for each dollar the AMT required Trump to pay on more than $150 million.

The gas tax is one of the few taxes that enjoy support from the businesses that bear the cost of paying them. Currently, companies can defer taxes on their offshore earnings until they bring them to the U.S. And when they do "repatriate" their foreign income, they can claim credits against their U.S. tax bills for any foreign taxes they've already paid.

If the USA government does lower the corporate tax rate, it will bring in significantly less revenue. What's clear, though, is that the Trump administration's proposal last week would move the nation no further toward those straightforward goals. But America's experience under Bush and Obama shows that such robust growth after tax cuts can not always be guaranteed. "So we're going to look at that".

Additionally, the corporate tax rate will be lowered from 35 percent to 15 percent; additionally, smaller businesses would also be subjected to the 15 percent rate.

However, any changes would need the backing of Congress and passing a plan of sweeping tax cuts that widens the current deficit would be nearly impossible due to a lack of bipartisan support on Capitol Hill, said key players in each of the parties. Loopholes that enable corporations to pay almost nothing in taxes must be closed, and it's not at all certain that the White House or GOP leaders in Congress have the stomach for it.

Although he's taken credit for monthly job growth figures and stock market gains reported since taking office on January 20, Trump said he's not responsible for the GDP number.

Mr. Trump also said he would be "honored" to meet North Korean leader Kim Jong Un, only days after he raised the possibility of a "major, major conflict" with the reclusive state over its nuclear weapons program.

"It means a significant resurgence of the economy, significant growth, a tide that lifts all boats", he said. That's led to funding problems for the Highway Trust Fund, which pays for federal transportation projects.



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