Tension is emerging between Republicans over their tax reform plan, as they made progress this week by passing a budget in the House and advancing a budget out of the Senate Budget Committee.
Easing taxes on manufacturers and other businesses is critical to helping America remain competitive in an increasingly global economy, House Speaker Paul Ryan said Thursday during a visit to a century-old manufacturing business on Maryland’s Eastern Shore.
President Donald Trump will host a roundtable with American manufacturers on Friday, where he is expected to continue advocating for the GOP’s tax reform effort as Congress takes its first steps toward advancing the overhaul.
President Trump has wisely pivoted to tax reform. Success would boost economic growth toward 3% a year, and millions of Americans would see their incomes rise. But discussion of reform’s growth benefits is getting short shrift relative to critics who fail to grasp economic changes.
A handful of Republican senators will have outsize influence on the GOP’s legislative push to enact tax reform.
Re “Sweeping Trump Tax Plan Vague on Details and Cost” (front page, Sept. 28): Low corporate tax rates might seem like a good thing for America’s economy, but too much of a good thing typically carries with it unintended consequences. For example, the last round of Canadian corporate tax reductions (from 22.1 percent to 15 percent) removed in excess of $12 billion yearly from federal tax revenues, materially adding to yearly deficits and overall debt.
The Senate Budget Committee released the text of the Fiscal Year 2018 budget resolution on Friday, a critical first step for Republicans to move forward with tax reform.
President Donald Trump and Republican leaders unveiled a nine-page framework to rewrite the nation’s tax code this week to rave reviews from within their party. But now the hard part starts — with the tax-writing committees in the House and Senate tasked with settling some of the most divisive issues.
The GOP’s tax-reform efforts got a jolt of momentum this week, but Republicans also are getting a fresh reminder of how hard it will be to write a bill that makes it to President Donald Trump’s desk this year.
Republicans have powerful incentives to produce on tax reform. Donors want a return on their investment, voters want their team to win, and leaders want to keep their majorities.