Tax reform is at the top of President Trump's agenda this week and according to Economic Advisor Gary Cohn, a solid plan will be delivered by the White House in September. From AP:
Cohn added that the administration wants to bring a finished tax bill to the House and Senate, rather than prolonging talks after its introduction.
The administration has only released a one-page outline of its principles to lower tax rates and simplify the tax code. But Cohn said Tuesday at a meeting of technology executives that he or Treasury Secretary Steve Mnuchin get a phone call each day from President Donald Trump about the overhaul’s status.
He said the president “could not be more excited about what we’re doing.”
Speaker of the House Paul Ryan gave a major speech on tax reform Tuesday in front of the National Association of Manufacturers in Washington D.C., arguing the current system is far too expensive, arbitrary and puts the United States at an economic disadvantage. The House plan will eliminate the death tax, consolidate seven tax brackets into three and make it possible for Americans do file their taxes on a postcard.
"Ladies and gentlemen, we are going to fix this nation’s tax code once and for all. You may recall that the last time we did this was three decades ago, he same year I got my driver’s license. Yes, a lot has changed since then. Our economy is more interconnected with the rest of the world than ever before. The Internet has transformed the way we do business and go about our lives," Ryan said. "But as the world changed, our tax code has remained stuck in neutral. It has ballooned to 70,000 pages of rules and regulations that few people today actually understand. There is an old line about this: our tax code is about five times as long as the Bible, but with none of the Good News."
"President Trump recently introduced a set of principles for tax reform, and right now we, the House and Senate, are working with the administration to turn them into a transformational tax reform plan. Chairman Kevin Brady and our Ways and Means Committee members are holding open hearings and meeting with stakeholders on this right now," he continued.