(NationalSentinel) Tax Reform: In what is sure to be as big a political fight as the battle thus far over repealing and replacing Obamacare, President Donald J. Trump is said to be prepared to release his tax reform package next week.
It will no doubt become the next big fight in D.C., as most lawmakers use the federal tax code in a variety of ways – to help some constituents while punishing others.
Nevertheless, in recognition of a major campaign pledge, Trump is set to roll out what he views as necessary reforms. Per The Associated Press:
President Donald Trump says businesses and individuals will receive a “massive tax cut” under a tax reform package he plans to unveil next week.
In an interview with The Associated Press, Trump says the plan will result in tax cuts for both individuals and businesses. He would not provide details of the plan, saying only that the tax cuts will be “bigger I believe than any tax cut ever.”
The president says the package will be released on “Wednesday or shortly thereafter” – just before his 100 day mark in office.
Treasury Secretary Steven Mnuchin backed away from an earlier deadline of August for getting tax reform passed, and says now that the administration hopes to get something done before the end of this year.
Businesses are counting on the reform in order to expand in the U.S. and return trillions of dollars to the U.S. parked in offshore accounts. Trump has said corporations will have to pay “some tax” on returning those funds and reinvesting them in the U.S., but that is a vital aspect of his pledge to create new jobs and opportunities for American workers.
Now voters will get to see just how serious Republicans are about cutting taxes as part of pro-growth policy. We know how the Democrats are going to react – no!