Trump budget chief: Spending bill must have money for wall
- Author: Leroy Wright Apr 22, 2017,
Apr 22, 2017, 9:39
Continued failures by Trump and Republican leadership in Congress to put forth an Obamacare repeal bill that conservative and moderate-Republicans can get behind have delayed progress on many other fronts, like financial, regulatory and tax reform. "I would say that we will probably start going very, very strongly for the big tax cuts and tax reform".
Treasury Secretary Steven Mnuchin has repeatedly promised that tax reform would not come before the end of August, echoing Ryan's statements Wednesday. The White House and the Treasury already have a tax plan that we were involved with a year ago. Currently, profits repatriated from overseas subsidiaries are subject to the USA corporate tax rate of 35%. This could attract more than $2 trillion to these shores, raising billions for the Treasury while creating new jobs and adding to the United States' gross domestic product.
On Saturday, people nationwide joined the Tax March to protest President Donald Trump's refusal to release his tax returns.
It is hopeful that after the bungled healthcare reform effort, President Trump has now learned more about how the legislative process works in the nation's capital, and can lead a comprehensive tax reform effort himself, within a reasonable timeframe.
Dynamic scoring is a little-known government forecasting method that uses economic modeling to predict changes in revenues resulting from economic growth spurred by new tax and economic policies.
"When they talk about tax reform, are they talking about cutting Donald Trump's taxes by millions of dollars a year?" asked Ezra Levin, a member of the Tax March executive committee. Not only is our system horribly punishing - but what most people fail to understand is that, depending on the study, anywhere between 18 and 60 percent of the corporate tax is actually shouldered by workers in the form of lower wages. They're happy, of course, that a real-estate tycoon won the election, but lately, they're feeling pretty frustrated that Trump hasn't scrapped everything else on his presidential to-do list and made tax reform his top priority. "Our baseline is that a tax proposal is not passed this year, but a plan will be floated for the market to evaluate...a tax proposal in the fall would likely help to keep corporate and consumer sentiment elevated, with a passage of a plan next year leading to an acceleration in nominal growth", they said. That is the day Reagan signed his historic tax cut in 1981 at his beloved Rancho del Cielo in Santa Barbara, Calif. "The former president showed us his birth certificate!"