Trump says wealthy may have to pay more in taxes

President Donald Trump meets with Democratic and Republican members of Congress including Rep. Josh Gottheimer , in the Cabinet Room of the White House

There are times when the things that come out of Donald Trump's mouth, or fingers, can feel like a biting satire of contemporary Republicanism. But tax reform means eliminating deductions, preferences, and loopholes. "Go Congress, go!" No, Congress, slow down. Though that plan may be in flux, various economists have said it would indeed represent a tax cut for the highest earners in the U.S. Is there anything they can't do?

Congressional Republicans aim to release more details about their still-evolving plan later this month.

Both chairmen are under pressure to deliver tax bills quickly so Republicans have something to show for their majorities in the midterm election.

What economic problem - specifically - are these tax cuts meant to solve?

"The wealthy will be pretty much where they are", Mr. Trump, a Republican, said. So I think they're going to end up doing something much more modest, because they A - can't get it past these deficit hawks without taking away some of the sacrosanct areas that Americans have gotten used to.

The president was looking for some common ground from the other party, but most Democrats have signed onto a set of preconditions before they talk taxes with the White House, while these three have not. The numbers are too hard; the health care fight revealed moderate senators' squeamishness about tax cuts for the rich; they have a math problem regarding the Byrd Rule (i.e. deficits beyond the budget window); and frankly, House and Senate dysfunction is so great that I thought the idea of proceeding on something as complex as tax reform was always a stretch. Of course we will. They want it done and they want it in a bipartisan way.

Tax cuts have become the GOP's MacGuffin. "We're looking at the middle class and we're looking at jobs". How are you going to take it back more? The problem is the kind of jobs people can get.

That's what's missing. On the broader level, it adds up to slow wage growth and increasing inequality. Nearly anything they do is going to have to end up cutting revenues.

Lawmakers and the White House want the tax changes to happen this year, which is creating pressure on legislators this fall.

"This is not a plan for the rich", Mr. Trump added.

And if we're going to dramatically cut corporate taxes, it must be that corporations are being crushed under their tax burden, right?

But China has a standard corporate tax income rate of 25 per cent, according to the State Administration of Taxation.

"This is really the consensus of the tax writers themselves so that we're working from the same page", Ryan said during a press conference Wednesday. Plenty of Republicans on Capitol Hill, already angry at the president for cutting a deal with House Minority Leader Nancy Pelosi and Senate Minority Leader Chuck Schumer on keeping the government funded and increasing the debt ceiling, are apoplectic about that idea, with some suggesting they would block any such measure from advancing.

Senate Finance Committee Chairman Orrin HatchOrrin Grant HatchHatch announces support for medical marijuana in pun-laden statement Senators announce bipartisan extension of children's health program Equifax feels the heat in Washington for breach MORE (R-Utah) on Thursday sought to downplay the work of the Republican-only "Big Six" tax-reform negotiators, saying the group "will not dictate the direction we take in this committee".



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