Trump to propose massive tax cuts for businesses

Posted April 26, 2017

President Donald Trump's two tax policy chiefs were slated to go to Capitol Hill late on Tuesday to meet with top lawmakers as Washington dug for details on an impending Trump tax plan.

But he told reporters Tuesday that the strategy of attracting Democrats with infrastructure investment might not work in this case, with Thune predicting that there wouldn't be many lawmakers on the other side of the aisle willing to support the administration's effort to cut business and corporate tax rates.

Trump also may cap the individual top tax rate at 33 percent, repeal the estate and alternative minimum taxes and cut taxes for the middle class, analysts said.

That's a problem for Republicans because the Senate can not pass legislation that would add to long-term budget deficits without a 60-vote majority. Prospects for significant change in taxes dimmed when the Republicans pulled their health-care reform bill in March - Trump has wanted to get past health care before addressing taxes.

Senate Finance Chairman Orrin Hatch on Monday said that a 15% corporate tax rate would be problematic because it would increase the deficit and run into parliamentary problems if Republicans try to pass their tax bill under a procedure that lets them avoid a filibuster. Mnuchin has said Trump's tax plan will "pay for itself" by stimulating economic growth.

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According to what two people briefed on the plan told the Washington Post, the president is expected to put forth a proposal on his 97th day in office that includes a deduction standard that is significantly higher than the $6,300 it is now for individuals.

Alexandra Thornton, a senior director of tax policy with the left-leaning Center for American Progress, said the bigger proposed corporate tax cut signaled that Trump was serious about cutting entitlements like Social Security and Medicare to pay for it.

White House National Economic Council Director Gary Cohn said last week that Trump's tax plan may involve using some tax revenue from businesses bringing foreign earnings back into the US for infrastructure.

Senate Majority Leader Mitch McConnell (R., Ky.) said the Senate was sticking to that strategy. "If we're going to spend that much money on child care-and I would argue that we really need to, it's really reached crisis proportions for a lot of families-it has to go to the families that need it most", Hamm explains, affirming that the plan doesn't seem to account for single-parent households, which is its own issue.

The Tax Policy Centre, a liberal-leaning research group, has concluded that this new tax law this would add at least $7 trillion in government debt over a decade. "If they are only talking about the corporate rate and not helping small business, I think that would certainly for me be a non-starter", she said. Commerce Secretary Wilbur Ross said that the combination of changes on taxes, trade and regulations being pushed by the administration would accelerate the pace of economic gains. The flow of workers into the US economy has slowed because of retirements by an aging baby boomer population, while improvements in productivity have been sluggish.