UPDATED: White House, congressional leaders lay out broad tax reform principles, drop import tax
Source: Politico
By POLITICO STAFF 07/27/2017 02:18 PM EDT
In a joint statement today, the Trump administration and congressional leaders said "the time has arrived" for tax-writing committees to draft legislation that will cut tax rates "as much as possible" for corporations and individuals.
However, they abandoned a controversial tax on imports. They plan for the legislation to move through the committees this fall.
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Read more: http://www.politico.com/story/2017/07/27/white-house-tax-reform-principles-congress-241038
UPDATE:
White House, GOP Leaders Drop 'Border Tax' Idea
House, Senate panels will take lead on crafting overhaul legislation
Posted Jul 27, 2017 2:50 PM
John T. Bennett
@John T. Bennett
The Trump administration and GOP leaders on Capitol Hills intend to drop a contentious border adjustment tax from an effort they announced Thursday to send an ambitious tax overhaul bill to President Donald Trumps desk.
The BAT would have slapped taxes on imports and exempt exports, but the White House and GOP lawmakers have agreed there are many unknowns associated with it. That led them to announce they have decided to set this policy aside in order to advance tax reform despite seeing some potential pro-growth benefits.
The announcement came in a joint statement from the White House, Treasury Secretary Steven Mnuchin, House Speaker Paul D. Ryan, Senate Majority Leader Mitch McConnell and the leaders of the House Ways and Means and Senate Finance committees that laid out their priorities for a tax overhaul bill.
Notably, the cadre of Republicans announced the tax bill-writing process will take place under regular order, meaning those panels will hold hearings and take the lead in writing the legislation. That is a departure from how Ryan and McConnell went about writing their various health care overhaul bills, during which they bypassed relevant committees and crafted bills behind closed doors.
The Trump administration and the senior GOP lawmakers, in their joint statement, also extended an olive branch to Democrats to put their fingerprints on the coming tax legislation.
more
http://www.rollcall.com/news/white-house-gop-leaders-drop-border-tax-idea