Tuesday, 11 December, 2018

U.S. considering tax reform to protect American jobs

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Andrew Cummings | 02 August, 2017, 00:47

In floor remarks on Tuesday, Schumer said tax reform should be about increasing "wages for working families, improving middle class job growth, promoting domestic investment while modernizing our outdated business and worldwide tax system".

On Thursday the "Big Six", top GOP tax reform leaders in Congress and the Trump administration - including Brady, Senate Majority Leader Mitch McConnell of Kentucky, Senate Finance Committee chairman Orrin Hatch from Utah, National Economic Council Director Gary Cohn and Treasury Secretary Steven Mnuchin - issued a joint statement on their strategy for changing the USA tax code.

"Today's update on the status of tax reform is very encouraging, particularly since the border adjustment tax is no longer under consideration", said Matthew Shay, NRF president and CEO.

Cassidy and Sens. Lindsey Graham, R-S.C., and Dean Heller, R-Nev., have proposed converting the $110 billion they estimate Obama's law spends yearly for health insurance into grants states could use for health programs as they see fit.

"The stakes really have been doubled now for tax reform", said Steve Moore, who was a top economic adviser to Trump during the campaign. However, we fear that Republicans will do what they have done too many times in the past - shower new tax breaks on companies and the well-to-do and stick future generations with the tab.

House Minority Leader Nancy Pelosi, D-Calif., said GOP leaders should "follow the example of their members releasing some proposals with Democrats today" and engage in "serious bipartisan conversations", but she didn't specifically endorse the bipartisan proposals.

The White House expects to have the bill through the House by October and passed in the Senate by November. "We are grateful that we now have the opportunity to work with Congress and the administration to reform the outmoded tax code that is a burden to all of us", he said. "And if he doesn't, then I guess we'll have to figure out from a congressional standpoint what we do". "I know there's been a lot of distractions in Washington; we don't have that luxury of getting distracted".

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The House Ways and Means Committee along with some United States officials has issued a joint statement on tax reform which aims to protect American jobs and make taxes simpler, fairer and lower for American families.

Last week, party leaders ditched plans for an import tax in recognition that the measure was divisive in the business world and becoming a barrier to tax cuts.

Mnuchin also argued that President Trump is ready for the brewing battle over tax reform.

Trump, along with Republicans in the Senate and House of Representatives, has called for major tax cuts for businesses and individuals, saying that lower tax rates would drive the economy and grow jobs. We want to make sure that the corporate rate is fairer so that American jobs can stay here instead of fleeing overseas.

House GOP leaders have proposed axing the deduction for state and local income taxes paid, but have run into opposition from Republicans from higher-tax blue states such as NY and New Jersey.

The White House and Republican leaders Thursday issued a broad statement that set out principles for the tax overhaul plan they hope to pull together.

The White House will "probably not" push for full expensing, Short told reporters after the event.

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