During his presidential campaign, Donald Trump repeatedly promised that he would be committed to tax reform. That’s why it came as a surprise this week when the president took a major step back from this.
Western Journalism reported that Trump is moving away from his own tax plan in the hopes of finding a plan that can win support from Republican lawmakers on Capitol Hill. Learning from his failed healthcare fiasco, Trump thinks he needs to take a more active roll in the creation of the new legislation.
Treasury Secretary Steve Mnuchin had previously set an August goal for tax reform, but it now looks like that likely won’t be met. However, Gary Cohn, director of the White House National Economic Council, that timing is not that important on this.
“I don’t know if it’s August or not,” Cohn said. “Getting it done well and getting it done right is more important than getting it done soon.”
“The president is pushing extremely hard on tax cuts and everything we can do to generate economic growth in the United States,” he added. “The president [completely] understands how stimulative deregulation and tax cuts will be for the U.S. economy. He understands that and he is pushing us all very hard to get that done as soon as we possibly can.”
“I don’t agree that tax reform is dead,” said former Ronald Reagan adviser Larry Kudlow. “This is the 100th millionth time I’ve said this. I want to get a business tax cut. I believe Trump does too.”
“Wiser heads need to prevail. Here’s where experience matters. You can split off business from the personal, do the personal next year; the pressing need now is business. If you want to raise wages, cut business taxes,” he said.
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