President Donald Trump ran on a tax platform, which delighted many of his voters. Now, it appears as though the President is going to scrap that plan entirely, and re-work a whole tax system overhaul, that will benefit even more people.
The administration has been keeping the bill under wraps, and it’s still in an early stage but officials say that “has already sprouted the consideration of a series of unorthodox proposals including a drastic cut to the payroll tax, aimed at appealing to Democrats,” according to the Daily Mail.
One thing remains the same, President Trump is dedicated to making sure the tax rates stay low enough to stop impeding growth, like President Obama was doing. The goal is to reduce rates to spur faster growth, without blowing up the budget deficit.
The Daily Mail has more:
But the ambitious pace to figure out a plan reflects Trump’s haste to move quickly past a bruising failure to broker a compromise within his own party on how to replace the health insurance law enacted under President Barack Obama.
The White House is trying to learn the lessons from health care. Rather than accepting a bill written by the lawmakers, White House officials are taking a more active role.
Administration officials have signaled that they want to pass tax legislation with only Republican votes, yet they’ve also held listening sessions with House Democrats.
White House aides say the goal is to cut tax rates sharply enough to improve the economic picture in depressed rural and industrial pockets of the country where many Trump voters live.
But the administration so far has swatted down alternative ways for raising revenues, such as a carbon tax, to offset lower rates.
Trump, who brands himself as a deal-maker, has not said which trade-offs he might accept and he has remained noncommittal on the leading blueprint, from Rep. Kevin Brady, chairman of the Ways and Means Committee.
Brady, a Republican from Texas, has proposed a border adjustment system, which would eliminate corporate deductions on imports, to raise $1 trillion over 10 years that could fund lower corporate tax rates.