Orrin Hatch doubts Trump's corporate tax rate goal is realistic

18 September, 2017, 02:03 | Author: Laverne Higgins
  • Paul Ryan is the 54th Speaker of the U.S. House of Representatives. Now serving his tenth term in the House he represents Wisconsin's First Congressional District

Move fast Congress! With Irma and Harvey devastation, Tax Cuts and Tax Reform is needed more than ever before.

As part of that effort, Ryan will be meeting with the House's top Democrat, Nancy Pelosi, this evening, before Pelosi heads to the White House for a dinner with Trump and Senate Democratic leader Chuck Schumer. "Trump's 15 percent goal or even the 20 percent favored by the House GOP leadership is a pipe dream", Gleckman writes. And we are now confident that, without transitioning to a new domestic consumption-based tax system, there is a viable approach for ensuring a level playing field between American and foreign companies and workers, while protecting American jobs and the United States tax base.

Separately, Republicans leaders said they plan to start to release details of the GOP tax plan in the final week of September.

"The group - some have deemed us the Big Six - will not dictate the direction we take in this committee", Hatch said.

As the crafting of tax reform legislation begins to heat up, President Trump may be wary of just trying to rely on Republicans alone to pass it. "Of course, the level of detail in the anticipated framework is unknown-the framework itself may in fact provide flexibility for inclusion of Senate Finance Committee priorities".

Thirty-one years ago, President Ronald Reagan signed the Tax Reform Act of 1986, the largest tax reform and simplification bill in American history.

Paul Ryan is the 54th Speaker of the U.S. House of Representatives. Now serving his tenth term in the House he represents Wisconsin's First Congressional District
Orrin Hatch doubts Trump's corporate tax rate goal is realistic

Regardless of how Trump's tax plan eventually shakes out for American businesses, there's no reason you can't profit from the companies who know how to make money in any environment.

The plan reduces tax rates considerably, and even if Trump and Congress have not yet agreed on the depth of the reduction, the net impact is clear: lower tax rates, for individuals and businesses, reduce the cost of capital - spurring investment, stimulating spending by individuals, increasing economic growth, and expansion among businesses. The plan is to grandfather existing debt and provide exemptions to small businesses and agriculture, he said. Other White House officials, most notably Treasury Secretary Steven Mnuchin, have already been taking their case to the public to drum up support. And since the budget is not expected to be finalized until mid-October, the tax bill won't be ready until last October or early November.

Simplification is a crucial component of tax reform.

"Disagreements over both substance and process are driving a wedge between senior House Republicans involved in the tax-writing process and their Senate counterparts", Henrietta Treyz of investment advisory firm Veda Partners said in a report.

U.S. President Donald Trump and Republicans in Congress would have a hard time slashing the corporate tax rate to below 26 percent, even if they eliminated almost every business tax preference, according to a study released on Wednesday. If this happens, however, the result would be more USA taxes paid by their US subsidiaries, which would have lower deductions and higher profits.

Another area of concern is "Rothification", which would tax retirement savings upfront instead of when they are withdrawn.

Merkel urges quiet diplomacy to resolve Qatar crisis
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