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Trump on taxes, wants lower corporate tax rate
17 September 2017, 03:37 | Glen Norman
House Speaker Paul Ryan adjusts a podium sign at a news conference with House Republican leaders after a closed conference meeting
A bipartisan majority in Congress supports protections for an estimated 800,000 immigrants brought to the United States as children and now here illegally, House Speaker Paul Ryan said Friday.
During that meeting, the president claimed the wealthy "will not be gaining at all" from the Republican tax reform plan. The push to overhaul the tax code is a top priority for Trump and Republicans after their effort on health care failed.
It's become increasingly apparent that there are two simultaneous, contrary tracks running on tax reform. That outline included slashing the corporate tax rate, simplifying the tax brackets that individuals and families face, and eliminating the estate tax and alternative minimum tax, among other things.
"Tax reform should not be revenue neutral", he said in a speech.
Manchin says he does not expect the plan would target popular tax deductions for mortgage interest and charitable giving.
So far, the White House and GOP negotiators have areas of overlap but also areas of disagreement in their tax cut approach. The corporate income tax may sound like it's paid by the company, but ultimately the tax is a cost of doing business that is paid by the consumers of that company's products, the shareholders of the company, or their workers in the form of lower wages or fewer jobs.
House action has been held up by a battle between moderates and conservatives over whether to pair spending cuts with the filibuster-proof tax measure. Manchin said he'd be willing to welcome him there and be on stage with him. "They understand that yes, we do need to secure our border; yes, we do have an opioid problem; yes, we do have an MS-13 problem; yes, we do actually agree that we have to do this", Ryan said.
Ryan said Wednesday that after the tax draft is released the week of September 25 a detailed version will be readied in hopes of action by the House later this fall.
"The administration looks forward to continuing these conversations with leadership on both sides of the aisle", the official said.
"There were seven of us, four Republicans, three Democrats", said the West Virginia Democrat on MSNBC's "Morning Joe" program, noting that Vice President Mike Pence, National Economic Council Director Gary Cohn, and Treasury Secretary Steven Mnuchin were also present. One of Trump's major campaign promises was building a wall the entire length of the U.S. This afternoon, the president met to talk about his tax plans with a group of centrist House members.
"Voters, frankly, after these huge deficits, are saying, 'Well, how much do deficits really matter?'" said former Pennsylvania Sen.
"I think Democrats get that. Now it might not work out".
"There are two different things that are happening: discussions in the White House and discussions on Capitol Hill", said Rep. Mark Meadows (R-NC), who chairs the House's most conservative faction in the Freedom Caucus and has positioned himself as an important negotiating figure in Republican-led tax reform efforts.
Trump blindsided Republican leaders last week by striking a deal with Schumer and Pelosi on the USA debt limit and federal spending for three months.
It's clear that the White House's determination to bill Trump as the great bipartisan dealmaker, however, hasn't made Ryan and McConnell's lives any easier - making them look as though they have been cut out of the process altogether.
Topping the immediate agenda, however, is a debt-financed drive to overhaul the tax code.
Asked about Trump's comment on a possible tax increase for the wealthy, House Ways and Means Chairman Kevin Brady said: "My goal is to lower taxes on every American as much as possible and help them keep more of what they earn".
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