Treasury Secretary Says Tax Reform Will Happen Within the Year

  • Treasury Secretary Says Tax Reform Will Happen Within the Year

Treasury Secretary Says Tax Reform Will Happen Within the Year

The Trump administration is seeking to get a tax-reform bill through Congress by November, White House legislative affairs director Marc Short said Monday.

There are scant details about the rewrite itself, but the administration is planning a significant amount of promotion to generate support for it. His remarks came at a tax panel discussion sponsored by Americans for Prosperity, a group funded by Republican donors Charles and David Koch that organizes supporters across the country to contact their members of Congress in favor of conservative legislation.

"If there's bipartisan support, that's another route too", Short said.

Sepp also said that he believes Democrats, similar to Republicans, are anxious about the projected effects of maintaining the current tax code, and therefore would be open to working with the GOP.

"Hopefully we'll have completion by mid-November", Short said of when a final bill could make it to President Donald Trump's desk.

"The expectation is that we'll begin the mark up process in the House after Labor Day", Short said.

The statement says: 'The goal is a plan that reduces tax rates as much as possible, allows unprecedented capital expensing, places a priority on permanence, and creates a system that encourages American companies to bring back jobs and profits trapped overseas.

In order to use reconciliation, the House and Senate would have to agree upon a budget blueprint containing reconciliation instructions for the authorizing committees. The Senate has not yet acted on a budget resolution and has not set a date for consideration.

The White House has released a joint statement on tax reform signed by Treasury secretary Steven Mnuchin, the House speaker, the Senate majority leader, and the chairs of the Senate finance committee and House ways and means committee.

Congressional Republicans have said they want to pass comprehensive tax reform in 2017, but Mr. Short's proposed time frame on Monday now gives them informal benchmarks to hit - or blow through.

Specifically, Trump could travel to some Midwest states like MI and Wisconsin that he won during the 2016 presidential campaign but are still represented by Democrats in Congress.

"Raising taxes is not a formula for growth, so I don't think that you will see us looking to raise rates on any particular individual or level", he told reporters.

"We've larded it up with special provisions and special tax breaks and it breeds suspicion", said Roberton Williams, a senior fellow at the Urban-Brookings Tax Policy Center at the Urban Institute, a centrist research center.