The tax reform package supported by Speaker Paul Ryan and House GOP leadership may be dead, or at least dormant. Where does tax reform go now?
President Trump pushed back the timeline on tax reform this week, as new reporting suggested Republicans in Washington are shifting away from the blueprint supported by Speaker Paul Ryan and House Republican leadership.
Trump told Fox Business Network’s Maria Bartiromo on Wednesday that he does not “wanna put deadlines” on tax reform:
“I don’t wanna put deadlines. Healthcare is gonna happen at some point. Now, if it doesn’t happen fast enough, I’m gonna start taxes. Tax reform and tax cuts are better if I do healthcare first.”
Trump’s comments came as Reuters reported that Republicans in the White House and the Senate are moving away from Speaker Ryan’s tax plan:
U.S. House Speaker Paul Ryan’s tax reform blueprint appears to be losing its status as the likely framework for the first major tax overhaul since 1986, with rival approaches emerging from the White House, Senate and other quarters in Congress.
If the White House or Senate Republicans are to develop a replacement for Ryan’s plan, the Tax Foundation gave them some benchmarks on Wednesday. Their report estimated that Ryan’s plan will “create 1.7 million jobs and increase after-tax incomes on average by 8.7 percent,” according to the Free Beacon.
It’s hard to know where the president’s tax plan stands, but his campaign plan differed from Ryan’s plan in one important way: Trump wants to cut the corporate tax rate from 35 percent to 15 percent; Ryan wants to cut it from 35 percent to 20 percent.
One thing is for sure: Wall Street will be watching closely, as many of the stock market’s post-election gains are due to an expectation that businesses will eventually pay less taxes under Republican leadership.
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