United States needs tax reform, not tax cuts for the wealthy

United States needs tax reform, not tax cuts for the wealthy

After the meeting, Brady said that GOP leaders are working with President Donald Trump and the White House on a comprehensive tax bill. So far it has been a struggle, with differences emerging within the party over how low they can push tax rates and which deductions would have to be eased or eliminated. Though Treasury Secretary Steven Mnuchin conceded Tuesday that the administration might not be able to cut the corporate tax rate to 15 percent, it's still Mr. Trump's target number. The president said on his trip to Florida last week that he wants to cut taxes for the middle class and that "the wealthy Americans are not my priority".

Trump, who has been courting Democratic votes for tax changes, told reporters Wednesday that he doesn't expect the wealthiest Americans to benefit from the legislation. (Both of those would have an outsized impact on states that have relatively high state and local tax rates and housing costs.) Getting the rest of the way without embarrassingly optimistic economic projections would require massive spending cuts, the burden of which would fall disproportionately on lower income households, while the benefits of the cuts would disproportionately go to the wealthy.

Earlier Wednesday, Ryan and House Ways and Means Chairman Kevin Brady met behind closed doors with GOP lawmakers to lay out a timetable on taxes, pledging a detailed blueprint from top congressional Republicans and administration officials in the final week of September. "We're looking at the middle class and we're looking at jobs". He's still hoping for a 15-percent rate "because that will bring us", he said, to a level similar to that of China and other countries. Because many Democrats have largely staked out a position against reducing the highest individual tax rates, Trump's comments may lead to some compromises ultimately, he said. And he also discussed the issue with Senate Minority Leader Charles SchumerCharles (Chuck) Ellis SchumerTrump: US "should do everything possible to match" China's business tax Trump, Dem leaders reach agreement on young immigrants Pelosi: McConnell "unwittingly" helped Dems win Trump deal MORE (D-N.Y.) and House Minority Leader Nancy Pelosi (D-Calif.) during a dinner on Wednesday night.

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Still, Reed said: "I am still committed to reducing tax rates across the board". "And so that's what we're going to give a shot", he said. Though that plan may be in flux, various economists have said it would indeed represent a tax cut for the highest earners in the U.S. Under current law, only estates worth more than $5.49 million for individuals - or $10.98 million for married couples - are subject to the 40 percent tax.

Trump has shifted his attention in recent weeks to tax reform. He called for simplifying the tax code, cutting tax rates to spur growth and, for individuals, instituting a single tax rate in place of the existing seven.

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