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United States considering tax reform to protect American jobs

United States considering tax reform to protect American jobs

Treasury Secretary Steve Mnuchin, speaking on the same panel, echoed his remarks.

The president's tax advisers, who have quietly crafted various strategies with GOP lawmakers and representatives of the business community, unveiled a breakneck schedule that envisions House and Senate passage by November.

Short, however, said he's hopeful some Democrats will want to work with Republicans on a tax bill, noting the administration has already had conversations with the Blue Dog Coalition of fiscally conservative Democrats and the Problem Solvers Caucus in the House, as well as red state Democrats in the Senate.

"If there's bipartisan support, that's another route too", Short said.

The White House has said it wants to lower corporate and individual tax rates, eliminate deductions and simplify the code.

Several other Senate Democrats running for reelection in states where Trump won in 2016, warned that the combative White House plan on taxes resembled the tactics that led to last week's dramatic failure on health care in the Senate.

Most Senate Democrats and independents said Tuesday that upcoming legislation to rewrite the tax code should make sure the middle class doesn't pay more.

Just as Republicans agreed that the health system was broken, so too do they agree the tax system needs fix.

Compared with the fraught health care efforts of the last six months, Republicans "are playing a different game this time, telling Democrats, 'I double-dare you to vote against this tax cut, '" Democratic budget expert Joseph Minarik, the senior vice president and director of research for the Committee for Economic Development, recently told RealClearPolitics.

At least six injured after vehicle plows into crowd in Los Angeles
The impact sent one vehicle into the sidewalk, he added, striking a group of people dining in a restaurant patio. Four people have been rushed to hospital, while two other suffered non-life-threatening injuries .

Our corporate tax rate is one aspect of our current system that especially needs attention.

The National Retail Federation also praised the removal of the BAT from the tax reform proposal, as did Americans for Affordable Products, a 600-member coalition opposing the tax. "It was a crucial moment when that was not included last week". Republicans said the additional revenue could be pumped back into the budget, creating space for major tax rate cuts.

Democrats also said they would not support deficit-financed tax cuts, which some Republicans view as a viable option.

"You won't find a bigger advocate for a simpler, a flat tax, but getting that done between now and the end of the year?"

The fate of deductions for retirement income remains "under discussion", Short told reporters.

Republicans abandoned the idea of including a border-adjusted tax in tax reform-that is, of changing the business tax code so that exports would be tax-free and imports would be taxed. That would jeopardize Trump's goal of spurring job creation and economic growth, and do little to prevent us companies from shifting their income and tax liabilities offshore to lower-tax countries, economists say.

The committees are drafting the bills with the goal of making them revenue neutral, the White House legislative director said, but suggested that is not a top priority for the administration. "I think they are excited for tax reform as well".

Congressional Republicans have said they want to pass comprehensive tax reform in 2017, but Mr. Short's proposed time frame on Monday now gives them informal benchmarks to hit - or blow through.

The president plans to turn up the heat on Democratic lawmakers in states he won past year during travel and speeches.


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