Rep. Peter Roskam, Chairman of the House Ways and Means Tax Policy Subcommittee and a Republican from Illinois, discusses pursuing tax reform proposals on Capitol Hill that are mindful of the U.S. deficit and businesses, as he sees the need to “reset the whole thing.” He speaks with Bloomberg’s David Westin on “Bloomberg Daybreak: Americas.”
Speaker Paul Ryan (R-Wis.) met with Republican senators Tuesday afternoon to quell growing opposition to a core element of the House GOP tax plan, a 20 percent across-the-board tax on imports, also known as border adjustment.
Even if Congress chose to do nothing but rewrite the tax code in 2017, it would be a monumental task because there are so many constituent interests and competing demands to balance.
President Donald Trump said a “phenomenal” plan to overhaul business taxes may be released within the next “two or three weeks,” heightening expectations as House Republican lawmakers are raising objections to their own leaders’ favored plan.
Following his anticipated confirmation, Treasury Secretary nominee Steve Mnuchin will exert tremendous influence when it comes to reshaping America’s burdensome regulatory agenda and fixing our outdated, complex tax code.
President-elect Donald Trump spent much of his campaign promising to reduce taxes for American businesses and families.