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US House Republican says tax plan won't have specific rates

US House Republican says tax plan won't have specific rates”

Two events killed any chance Republican Presidential candidate Mitt Romney had to win in 2012; one was a hurricane that hit New Jersey and NY instead of Alabama and MS a week before the election and, an amateur James Bond who recorded and released a political bombshell statement made in a private meeting by Romney that "47 percent" of Americans paid no income taxes. "The group-some have deemed us the Big Six-will not dictate the direction we take in the committee", Hatch said. President Trump can't do it no matter how much he talks about it, only Congress can do it.

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.

Meanwhile, the tax-writing committees in Congress are planning to release legislation on tax proposals by the end of the month.

Trump urged lawmakers gathered to discuss tax reform not to forget the immigration issue as they dig into the fall agenda.

The long list of difficulties has led some analysts to conclude that Congress is likelier to settle on straightforward tax cuts than on full-blown reform - if it passes anything at all.

White House legislative director Marc Short said Tuesday that, while the president remained committed to the wall, funding for it did not necessarily need to be linked directly to the "Dreamers" issue. "I sincerely doubt that we'll be able to get to that level on the corporate tax rates". The plan is to grandfather existing debt and provide exemptions to small businesses and agriculture, he said.

"We had all the players there that were driving the train", Manchin told reporters Wednesday. Other White House officials, most notably Treasury Secretary Steven Mnuchin, have already been taking their case to the public to drum up support.

The statement gave an idea what Trump administration is eying through Tax reforms.

Being more hard than healthcare doesn't bode well, given Republicans' inability to pass legislation to repeal and replace Obamacare.

The top Republican tax law writer in the U.S. House of Representatives said on Thursday that he does not expect an upcoming tax reform framework to contain specific numbers on income tax rates for corporations and individuals.

Past tax debates have circled around the concept of a repatriation holiday - a temporary move that would enable American multinationals to bring income back to the United States for reinvestment without the tax hit associated with our current system's treatment of overseas earnings. Alex Brill, a research fellow at the American Enterprise Institute, said at the Finance Committee hearing that a full repeal of the deductions would raise $1.4 trillion over a decade, according to a transcript of his remarks.

Another area of concern is "Rothification", which would tax retirement savings upfront instead of when they are withdrawn. But Sen. Rob Portman (R-Ohio) said at the hearing that such a move might reduce the incentive to save, adding that people don't save enough now.



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