Jueves, 23 May, 2019

Trump Says He Will Release A Tax Reform Package Sometime Next Week

Andrew Harnik  AP File Andrew Harnik AP File
Manuel Armenta | 23 Abril, 2017, 12:35

The tax overhaul "process has begun long ago, but it really formally begins on Wednesday, so go to it", Mr. Trump said during a visit to Treasury Secretary Steven Mnuchin's office across the street from the White House.

President Donald Trump promised to make an announcement about much anticipated tax reform next week, but it was not immediately clear how much he would reveal or what form it would take. It will be a few broad principles and maybe some guidelines.

The move is separate from legislative action to reform the USA tax code, which Trump indicated would be unveiled Wednesday.

Mnuchin is regularly reminded of the legacy of economic growth the Trump administration wants to solidify.

Republican congressional leaders have been negotiating with Democrats to avoid a shutdown, but Trump is seeking to use the process to leverage several of his priorities. Mnuchin said the administration remains committed to simplifying the taxes, reducing rates for middle class households and more competitive for businesses.

Mnuchin has worked on the tax plan for months, but details have remained fluid, with White House officials considering a range of options in how they restructure the tax code.

A White House spokeswoman had not responded to questions about the AP report and coming tax plan.

During an interview by International Monetary Fund Managing Director Christine Lagarde on Saturday, Mnuchin said, "We're looking for reforms that will pay for themselves with growth".

U.S. President Donald Trump has threatened to impose measures to restrict imports, and attacked countries like China, Germany and Japan for running large trade surpluses with the United States and benefiting from weak currencies.

The blueprint calls for lowering the 35 percent corporate tax rate to 20 percent and the 39.6 percent individual rate to 33 percent.

"If you get 25 to 30 cents on the dollar, it would be counted as a quite successful tax reform plan", Holtz-Eakin said. Adding to the confusion, the White House has identified specific regulations that it says are impeding lending but not moved to undo them.

At the signing ceremony, Trump hinted at forthcoming details regarding his administration's plans for overhauling the US tax code. "I think everybody would agree that the tax system is way too complicated andburdensome", he said. "Ways and Means Republicans are ready to work with President Trump and his team on reforms that will grow our economy, create jobs, and increase paychecks". He later sounded firmer about a Wednesday release during an event at the Treasury Department. And it would mean attempting a tax overhaul as his White House faces the prospect of a government shutdown if lawmakers can not agree on a funding bill by April 28.