White House Push for Tax Reform Picks Up Speed

Date: September 11, 2017

Related Content: Analysis Economy National

Congress returned from recess last week, and legislators were met by heightened pressure from the White House to negotiate a tax reform proposal before the end of the year, according to Politico. President Donald Trump sat down with the “Big Six” negotiators, wrote an op-ed, and hosted a tax reform event in North Dakota, all in an effort to push the House Ways and Means and Senate Finance committees to reach an agreement on legislative details for a tax package.

“It’s time for Congress to provide a level playing field for our workers, to bring American companies back home, to attract new companies and businesses to our country, and to put more money into the pockets of everyday hardworking people,” Trump wrote in his op-ed in the in the Milwaukee Journal Sentinel.

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President Trump and other administration officials recently met with the “Big Six” negotiators who have been working on tax reform, which includes Senate Majority Leader Mitch McConnell, House Speaker Paul Ryan, Ways and Means Chairman Kevin Brady, Finance Chairman Orrin Hatch, Treasury Secretary Steven Mnuchin, and National Economic Council Director Gary Cohn, according to Politico. Following the White House meeting, Trump stated, “we’re going to reduce taxes for companies, and those companies are going to produce jobs.”

The Trump administration has already laid out general goals for a tax plan, like lowering the corporate tax rate and simplifying the tax code. But the administration and congressional leaders are still in the process of hashing out specifics, like how the tax package will be paid for or by how much tax rates for individuals or businesses should be reduced.

Beyond establishing the minutiae of a tax plan, the Trump administration is also putting pressure on key legislators for bipartisan support. Trump traveled to North Dakota to host a tax reform event, where State Sen. Heidi Heitkamp was in attendance, according to The Washington Post. Previously, Trump held a tax speech in Missouri and called out Sen. Claire McCaskill to ask for her support of the tax proposal, once it is introduced.

“If we do this—if we unite in the name of common sense—then we will add millions of jobs, funnel hundreds of billions of dollars into our economy and give America the competitive advantage we so desperately need,” wrote Trump in his op-ed.

Small business owners are calling on the Trump administration and congressional leaders to come together and overhaul the federal tax system. They have ranked taxes as either the first or second largest concern for their small business since 2012. For tax reform to work, it must start with small business.

 

RELATED:

House Promises Tax Overhaul Will Mirror Reagan-Era Reform

NFIB Testifies for Comprehensive Tax Policy

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