Trump to unveil tax reform plan in Missouri

by Garry Watts August 31, 2017, 0:58
Trump to unveil tax reform plan in Missouri

President Donald Trump declared Wednesday that his push to overhaul the nation's tax system would "bring back Main Street by reducing the crushing tax burden", offering a populist appeal to a still-forming tax plan that would heavily benefit corporate America.

Trump is expected to urge congress to act on cutting tax rates and simplifying the tax code.

They also say they want the plan to be deficit neutral, which would force lawmakers to identify how they might make up for any lost tax revenue. A tax overhaul, cutting rates for individuals and businesses while erasing numerous tax breaks and loopholes, is hard enough as it stands.

Trump said that if the US doesn't change it's tax system, "jobs and our country cannot take off the way they should - and it could be much worse than that". The meeting follows a recess that has seen Trump lambast several top Republicans, especially Senate Majority Leader Mitch McConnell, R-Ky., after the collapse of the GOP health care bill in his chamber. "And Trump's proposed deep budget cuts to infrastructure, healthcare, medical research, and education won't help create jobs, either".

"They're nowhere. They're just nowhere", said Henrietta Treyz, a tax analyst with Veda Partners and former Senate staffer. People should know how much of their paycheck they keep in their pockets when they are paid, rather than hope for a tax refund at the end of the year.

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But a major tax reform may be easier said than done.

Trump's attempt to frame the debate comes as he and his administration have raised the need for tax reform in fits and starts since the early days of his presidency. There were many arguments for and against the tax, but the biggest selling point was that it would have raised $1.2 trillion over 10 years - and thus allowed Republicans to cut many taxes as part of their reform. He said former President Ronald Reagan led the world by cutting corporate tax rates in the 1980's, boosting the US economy in the process.

The new plan will resemble the Bush-era legislation, as well, by including many tax cuts that come with expiration dates.

A lot of key questions remain on the Trump tax plan, which is at the heart of the administration's goal of achieving yearly economic growth of at least three percent.

In terms of policy, though, there are signs that the Trump White House is continuing to defer to Republicans in Congress. "The middle class in the United States has been taxed enough and it's already been proven that when the middle class has more disposable income, that our economy grows".


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