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Trump's Tax Cuts Could Be a Home Run, but Will Republicans Go Along?

03-28-2017
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With the Obamacare replacement effort now on the backburner, President Trump and congressional Republicans are launching a new agenda: tax cuts.

The president wants big cuts in taxes for corporations and all Americans. But will Congress agree?

With the health care defeat, President Trump learned that building consensus even within his own party can be extremely difficult.  

Convincing Congress to pass meaningful tax reform may be just as hard, and after the health care loss the White House may look across the aisle for some votes.
 
"I think it's time for our folks to come together and I also think it's time to potentially get a few moderate Democrats on board as well," insisted White House Chief of Staff Reince Priebus.
 
But Senate Minority Leader Chuck Schumer, D-N.Y., suggests the president may need to become more like a Democrat.
 
"He moved so far to the hard right that it's virtually impossible for us to work with him. If he changes, he could have a different presidency," he said.
 
But Trump is unlikely to change his conservative tendencies -- at least when it comes to cutting taxes and moving the economy forward.
 
The U.S. corporate tax rate is among the highest in the world.

The president says if the United States is to attract business from overseas, it must drop the rate down from 35 percent to 15 percent.

America would then become a country with one of the lowest corporate tax rates in the world.

Trump says he also wants to lower the tax burden on American families, but the exact rate may be up for negotiation.
 
"I think that moving forward, the president's vision on lowering taxes for every American is what's going to unite not just the Republican Party, but I think some of those Democrats are going to come on board as well. If we can provide one of the biggest middle-class tax cuts in the history of this country, I think that's important," Priebus said.
 
A border tax on imports is also part of the president's plan. He says that will even the playing field with other countries who haven't played fair on trade. It's designed to bring in more money to offset the loss of revenues to Washington from the tax cuts.
 
But Rep. Mark Meadows, chairman of the conservative House Freedom Caucus, predicts real tax reform - with lower rates - will generate more income and greater economic growth to help both businesses and consumers.
 
Meadows explained, "When we start to grow the economy at 4, 4.1 percent, it actually not only increases wages, but it puts more money in Americans' pockets each and every day."
 

 

 

 

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