Paul Ryan won't commit to a revenue-neutral tax plan

Danny Woods
September 18, 2017

(Of note here: President Trump on Thursday said that the tax package being devised will be revenue neutral once economic growth is factored in.) But absent such new ways to pay for the tax cuts, the rates being discussed are likely to meet some resistance from Republicans anxious about rising deficits. "We're all for tax reform", said Rep. Scott Perry, a conservative.

The GOP hopes to pass a major tax overhaul this year, an effort that Hatch admitted will be "complex". Bob Corker, R-Tenn., chairman of the Foreign Relations Committee, issued a statement earlier this week calling the debt the "greatest threat to our nation", greater than North Korea, Russia or the Islamic State group.

The approval process for the biggest Tax Cut & Tax Reform package in the history of our country will soon begin.

The Finance Committee has its own priorities, including a dividends-paid corporate integration proposal to remove the double layer of corporate taxation, said Marc Gerson, a former Republican tax counsel for the House Ways and Means Committee.

The big issue on everyone's mind: As noted whenever the words "tax reform" are uttered, under reconciliation, a bill cannot add to the long-term deficit-that is, it can't blow a hole in the budget that extends beyond 10 years. "Go Congress, go!" Trump said in a series of tweets.

But Manchin said despite a lack of specifics, Trump does not want a proposal that benefits the wealthiest Americans.

As for the wealthy, Trump says "the rich will not be gaining at all with his plan".

Paul Ryan is the 54th Speaker of the U.S. House of Representatives. Now serving his tenth term in the House he represents Wisconsin's First Congressional District

One potential solutions to bolster tax related revenue that stay within the confines of lowering taxes for both American families and businesses, the Border Adjustment Tax, has been essentially scrapped. "We are looking for the middle class and we are looking for jobs - jobs meaning the economy". Those same economists are likely doing some quick math as to what the added headwind would be to an economy that has been growing at a GDP rate of 2%-2.5% GDP over the last few years and how it would impact future job creation should an advertising tax be initiated.

That's because paying for massive tax cuts means eliminating numerous legal tax loopholes that these companies take advantage of.

But it's not just corporations, small businesses, and everybody they employ being held back by the current tax code, all Americans are paying the price.

The challenges were immediately apparent as House Republicans left the meeting with Ryan and Brady complaining they still didn't know what was going on.

House Minority Leader Nancy Pelosi and Senate Minority Leader Chuck Schumer announced the outlines of a deal after dining Wednesday night with Trump.

No Republicans were present at the dinner save the president, who was once a Democrat.

For the life of me, I can't understand how anyone could think Americans are well-served with a tax code that is so time-consuming and expensive. "We did a face plant on that exact logic", Brat said. But if Trump started with a plan that was capable of securing bipartisan buy-in, he'd have enormous flexibility in how to work out those details.

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