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profishingrods.com November 22, 2017


Trump says China's business tax rate is 15% - it's actually much higher

17 September 2017, 07:08 | Devin Moran

Chip Somodevilla Getty Images House Ways and Means Committee Chairman Kevin Brady

Republicans prepared to release details of tax plan in upcoming weeks

Brady added that the budget is necessary for a tax revamp.

"Probably not that specificity", House Ways and Means Committee Chairman Kevin Brady said at a policy forum when asked if the plan due for release on September 25 would include target tax rates for individuals and US corporations.

Ryan says that window should give time for Congress to act.

During a press conference last week, Brady, a member of the Big Six, wouldn't confirm whether any specific decisions had been made and declined to offer a timetable for releasing details or marking up legislation.

House Speaker Paul Ryan (R-WI) will convene an ad hoc working group of congressional Republicans to formulate a path forward for DACA recipients whose work permits will begin expiring in less than six months, Politico reported Thursday.

Referencing tax cuts signed by President George W. Bush, Ryan said, "You can't just do what Bush did in 2001 and 2003".

"We need tax reform to benefit everyone, to lift people's after-tax incomes", Cruz said. "The tax writers are going to take it from there on the details".




Similarly, Trump's rhetoric is at odds with the math regarding his proposed reduction of seven individual tax brackets to three tax brackets of 10, 25 and 35 percent. Trump's notion that economic growth will pay for most of it is fantasy, and Democrats are not going to sacrifice popular tax deductions such as those for mortgage interest and charitable donations to help pay for tax cuts for the rich.

Trump dined with a bipartisan group of senators at the White House on Tuesday in hopes of winning their support on tax reform. He has another meeting scheduled Wednesday afternoon with a bipartisan group of moderate House members, the Problem Solvers. And some conservatives were voicing concerns about Trump's newfound fondness for making deals with Democrats, as he did last week on the debt ceiling with House Minority Leader Chuck Schumer of NY and House Minority Leader Nancy Pelosi of California.

President Donald Trump is in a big rush for Congress to approve big tax cuts, and he is using the damage left by Hurricane Irma to argue his case.

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.

Trump has shifted his attention in recent weeks to tax reform.

"Any chance to talk with the president about issues important to North Dakota is an opportunity I welcome", said Heitkamp. And on the corporate side, the rates being targeted by President Trump and tax negotiators in Congress and the administration can't happen if the goal is to keep government revenue at current levels.



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