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Media: Trump Announces Tax Reform Information Next Week
Aug 28, 2017

Media: Trump announces tax reform information next week

According to the American political and media Axios, two senior U.S. government officials said the white house next week will release the tax related information, but the Senate Republican leader plans are being developed to be open.

The recent Trump tax plan has made significant progress, with the White House reaching a consensus on key issues with Congress

House Speaker Ryan said on Thursday, the White House, the Senate and the house of Representatives there is consensus on tax issues, the tax reform bill there may be some temporary terms. In addition, the Senate Democrats who would support a tax bill.

On Tuesday, U.S. News website Politico quoted informed sources said the five, how to make up for the reduction of personal income tax and business tax after the tax gap, Trump's aides and congressional leaders on the part of the optimal solution of broad consensus.

These include, in tax, for housing mortgage interest deduction cap, to repeal the individual state and local tax deductible; in corporate tax, the abolition of corporate interest deduction, while for small enterprises, the introduction of the so-called "total cost" (full expensing), so that they can new equipment or plant investment deductions.

Reported that this and in July that only 6 paragraphs of text frames compared to the document, is a major progress,.7 months of documents disappointed the market, once triggered investors questioned whether the Trump administration can promote tax reform

The report also said that preliminary consensus can be reflected in the actual tax reform plan, and eventually passed in both houses, are still unknown, especially considering the Charlottesville business collective violence, abandon Trump brings uncertainty.

However, it seems in some people Something is better than nothing..Politico quoted a Republican said, "if they do not make progress in July that what is not the file basis, then you can put it on the shelf"

After the defeat of the "first battle" in the reform of health care legislation, Trump began to play tax reform cards. Tax reform was generally recognized as more popular than health care reform. The New York Times reported that Trump had expressed regret, saying that the tax reform legislation should be promoted first

At the end of the month, the Senate Republican leader Mitch McConnell announced, replacing Obama with a new health care law act, plans to repeal the Obama health reform law and brewing the new insurance case. Trump became an important task of the first year: replace Obama care health care bill was sentenced to "death".

In August 15th, Gary Cohn, chief economic adviser to Trump and director of the White House's National Economic Council, hinted at the progress of tax reform at a news conference, he said:

For tax reform, we got a great "skeleton"

We need the house fund raising committee to add muscle and skin to the "skeleton" and push the tax reform forward. Our goal is to do these things by the end of the year

Currently, the leading Trump tax reform includes Cohn, Treasury Secretary Mnuchin, McConnell, house speaker Paul Ryan, Senate Finance Committee Chairman Orrin Hatch, and chairman of the house fund raising Committee Kevin Brady.

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