The White House is not Wednesday to having congressional Republicans use the budget reconciliation process to advance a tax overhaul and is eyeing red state Democrats up for re-election as possible partners in the effort, legislative affairs director Marc Short said Monday. "We urge Congress to take advantage of this monumental opportunity to provide the most comprehensive tax reform possible, and send a bill to President Trump for his signature before the end of this year".
"The tax code is broken, and the changes being contemplated by Congress and the White House will go a long way toward fixing many problems". US companies heavily dependent on exports supported the tax, while USA retreaders saw in the BAT a possible respite from the competition from low-cost Chinese tires.
On Sunday night, Axios' Jonathan Swan reported that President Donald Trump will begin making his case for a large-scale overhaul of the tax code, with his sights set on cutting the tax rate on businesses. Republicans said the additional revenue could be pumped back into the budget, creating space for major tax rate cuts.
Despite acknowledging the tough path ahead, Mnuchin and Short both seemed confident that the administration can pass tax reform.
Commenting on the move, Glyn Fullelove, chair of CIOT's technical committee, said: 'Any corporate reform that focussed on border tax adjustments or destination based cashflow taxes would have replaced one distorting system with another, and it is in our view sensible that this route is not being followed.
But Senate Finance Committee Chairman Orrin G. Hatch, a key tax-writer, told Reuters on Monday that Mr. Trump's 15 percent rate is "very unlikely" and that it would be "kind of miraculous" to get the rate down to even 25 percent or less.
Short said that the White House probably wouldn't be pushing for so-called full expensing, which would allow companies to fully deduct their capital spending from income immediately instead of over years.
Short also argued that tax reform can be bipartisan, and said that they've engaged many Democrats in the conversation.
Still, he added: "We've got to get a lot done in the next three to four weeks". The demonstrators held pre-printed yellow signs with slogans including "Medicaid Not Millionaires" and "No Tax Cuts For Trump".
"The message is: It may not be flawless for everything we want, but it's going to be really, really good for the economy and a lot better than what we have", Mnuchin said.
The border-adjusted tax had helped Ryan and his allies propose lowering the corporate tax rate to 20 percent from the current 35 percent.