Economy

Ryan says tax reform outline reflects consensus of lawmakers, administration

Ryan says tax reform outline reflects consensus of lawmakers, administration”

Conservatives are waiting anxiously for those tax reform details.

"The stakes are higher than ever that we deliver", he told his colleagues, according to a person in the room.

Ryan suggested that he is amenable to Trump's controversial proposal to build a wall along the U.S. -Mexico border saying: "I think a wall actually works". "That's more important than anything else". "But that makes it even more important that tax reform be fiscally responsible and deficit neutral". But the failure of the GOP health-care legislation, which included a almost $1 trillion revenue cut, has scrambled party leaders' plans.

Ryan, R-Wis., said the GOP's goal is to enact tax overhaul into law by the end of this year, not simply push it through the heavily Republican House, "so that we start 2018 in a new tax system".

Mr. Trump is meeting Wednesday with a bipartisan group of House members on taxes, after meeting with a bipartisan group of senators on Tuesday night.

"The President and the Chief of Staff called me from Air Force One today to discuss what was discussed, and it was a discussion, not an agreement or a negotiation". "Narrow tax cuts won't fix that".

"Moody's analysis also said that any further tax cuts would "exacerbate" projected increases in government debt, thereby contributing to the already-tense political discussion".

The conflicting statements have made it hard for lawmakers to predict what might fill in the gaps left by a one-page tax blueprint that the White House released in April.

President Trump seems to share Ryan's urgency, and pressed Ryan and other congressional leaders to pass tax reform quickly in a tweet Wednesday morning.

If Congress follows Brady's schedule and adopts a budget resolution by the middle of October, there will be 28 legislative days left on the House calendar in 2017. But the tax bill's writers need the budget and its revenue targets so they can lay out all the specific details.

They each want to cut tax rates and simplify the tax code, but they have not agreed on how much. Subsequently, the committees will take feedback and write the bills in the weeks ahead. Members of the conservative House Freedom Caucus have stood in the way of any budget until they see a clearer outline of the tax reform package leadership wants to bring forward.

The plan now is for Republicans in the House and the Senate to unveil their framework alongside the White House the week of September 25.

"The most likely outcome is that they're not going to reduce corporate taxes as much as they'd like to", he said. "Tax reform" is a phrase that sounds great, but there would be real winners and losers if the effort gets rid of tax breaks for individuals and businesses.

Rep. Dave Brat (R., Va.) said Mr. Brady's timeline was too plodding for his liking.

"You can get it to 20, but everybody's going to come in and complain".



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