White House offer conflicting details of Trump tax plan

Cheryl Sanders
April 25, 2017

Mnuchin said Monday at the daily White House press briefing that Trump's plan will include tax cuts for "middle-income" Americans and will simplify the us tax code.

Trump also promised his tax overhaul would be "revenue-neutral", meaning the cuts would be offset by the elimination of other tax breaks to keep from increasing the budget deficit.

During the campaign, Trump proposed to reduce the corporate tax rate from 35 percent to 15 percent.

Mnuchin said that the tax plan would pay for itself when viewed through a "dynamic scoring" analysis, which accounts for the increased tax revenues that would be produced by higher growth prompted by the tax changes.

Looking back at Trump's term thus far, Krauthammer said tax reform would still trump successes like the installation of Justice Neil Gorsuch and "putting the world on notice" with his actions on the global stage.

Mnuchin also said the Trump administration would lay out plans to cut middle income tax rates, simplify the tax code and make USA companies more competitive with foreign ones.

A senior administration official confirmed the planned reduction to corporate rates, speaking on condition of anonymity in order discuss details of the plan the president is expected to unveil Wednesday. Trump calls NASA astronaut Poll: Disapproval growing of Paul Ryan, GOP Congress MORE (R-Wis.) told Fox News in December that he would love to get the corporate tax rate down to 15 percent, but warned it may not be achievable.

The benefits of the tax cuts could also be limited by economic forces beyond Trump's immediate control.

Although he did not disclose details, Treasury Secretary Steven Mnuchin said Monday the lower tax rates would generate so much economic growth that it would hold the deficit in check. Here are some of the rates we're talking about. A temporary tax cut on repatriated earnings may be the one tax cut that would actually pay for itself-since right now companies have some $2 trillion squirreled away overseas that they aren't paying any USA taxes on. They also want to encourage USA companies to move money back into the United States.

"These people are caught between the law", Kelly said, adding that "the president obviously is sympathetic". Additionally, legislation to repeal and replace the Affordable Care Act-which includes nearly $1 trillion in potential tax cuts of its own- remains an uncertain prospect. They noted that Ryan has already outlined the House's tax plan over the past year and secured buy-in from members on the general outline of rates and the inclusion of a border-adjustment tax.

"Many of these are involved in criminal enterprises, hauling drugs and that kind of thing", he said.

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