How about Trump-Schumer-Pelosi tax reform?


How about Trump-Schumer-Pelosi tax reform?

Mr Trump has said the rich might see a hike in taxes as he pursues his tax overhaul by reaching out to Democrats to oppose cutting tax rates for the wealthy.

"The House will begin with the bill and we will continue to have work to do after the framework is laid out", Brady told reporters.

Trump reiterated that he hoped to lower the top corporate tax rate from 35 to 15 percent, something Ryan has already ruled out as impractical - and an idea the president himself has backed off from, according to people with knowledge of a meeting he held Tuesday night with bipartisan senators.

The chances of Congress actually eliminating all those tax breaks are nearly exactly zero, meaning that while it's technically possible to cut individual tax rates to Trump-like levels, it's "highly improbable", the Tax Policy Center's Howard Gleckman says. That may not fly with most Republicans in Congress, but given Trump's apostasy on certain subjects, such as his willingness to close tax loopholes that benefit hedge fund managers (though Mnuchin on Tuesday floated the possibility that other kinds of firms might still be able to use it), he may be willing to cut a deal.

Or maybe not. House Speaker Paul Ryan on Wednesday "backed off months of promises that the Republicans' tax plan won't add to the nation's ballooning deficit", the Associated Press reported.

Ryan said the outline to be released would reflect agreement among the tax-writing Ways and Means and Finance committees, and the administration. Ryan said a physical wall doesn't need to be constructed along the entire boundary, citing "circumstances on the ground that dictate how we do border security".

As part of a cascade of tweets Wednesday night, President Donald Trump said one of the major incentives for a tax overhaul, including cuts, was making the USA more competitive with the rest of the world. Some conservatives in Congress might not mind that, but the divide in the GOP over efforts to repeal the Affordable Care Act suggests that there remain a crucial few moderate Senate Republicans who are unwilling to stomach that sort of thing.

"The problem here is we don't have a clue what's in the tax plan", said Rep. Dave Brat, R-Va. Sinema is likely to launch a bid for a Senate seat against incumbent Jeff Flake, R-Ariz.

If President Trump remains determined to reform the tax code and can't do so with Republican votes alone, what options does he have? "Now Trump is talking about doing bipartisan stuff with Chuck and Nancy on taxes".

Even the loophole-closing and deduction-limiting administration officials are hinting at would only cut the red ink in half - and it would involve going after sacred cows like the mortgage interest deduction and deductions for state and local taxes. Joe Manchin, D-W.

The White House said in a statement that the dinner demonstrated Trump's "commitment to fulfilling his promises, and that includes producing tangible results on important issues like tax reform".