Sen. Hatch: Tax Reform 'Much Harder Than Healthcare'

Sen. Hatch: Tax Reform 'Much Harder Than Healthcare'

Trump told reporters aboard Air Force One on Thursday that the tax reform plan would be revenue neutral, if economic growth spurred by the legislation is taken into account.

Joe Manchin, D-W.Va., said Tuesday's dinner with President Donald Trump and six other senators provided a productive discussion on addressing infrastructure and tax reform issues.

Steven Rosenthal, a senior fellow at the liberal-leaning Tax Policy Center who opposes eliminating the SALT, said it would essentially raise the cost of state taxes and thus increase pressure on officials to cut them - at a time when Washington is transferring more costs, especially health care, to the states.

Following attempts at healthcare reform, we are now seeing efforts at tax reform, a much talked about topic during the 2016 presidential campaign, come to the forefront in Washington, DC.

Republicans in Washington are now working on the details of the bill. "Republicans want less revenue so we can bolster and increase the economy", Hatch said.

And if President Trump gets his way, these companies' tax-free days are over.

Hatch, a Utah Republican first elected in 1976, spoke to MarketWatch on Wednesday, a few hours after House Speaker Paul Ryan said a tax-reform outline will be released the week of September 25.

Hatch also serves as Senate Finance Committee chairman. I am pleased he remains supportive of my proposal, and I believe that tax reform should include measures to support companies that invest in our workers and penalize companies that ship American jobs to foreign countries.

With tax cuts and entitlements both squarely on the table, why wouldn't the GOP help "pay for" the former with the latter? And it's backed up by a wealth of other evidence, as government and academic economists agree labor bears between 25 percent and 75 percent of the corporate tax burden. The plan is to grandfather existing debt and provide exemptions to small businesses and agriculture, he said.

"There's a possibility we can do that", he said.

In adhering closely to the goals of making our tax system more conducive to capital investment, better suited to job growth, and less costly for taxpayers, lawmakers have an opportunity to make a real difference for our nation's economic future. But, to do that, the House and Senate must approve a budget outline for 2018.

Congressional Republicans aim to release more details about their still-evolving plan later this month.

Democratic Rep. Henry Cuellar of Texas, who attended Wednesday's meeting, said the president also told the group directly that he'd be comfortable signing DACA legislation without wall money as long as it included "some sort of border security".

Trump administration officials and congressional Republican leaders are promising a new framework in two weeks for legislation that would overhaul the US tax code - though they've shied away from releasing any details about how the changes would affect individuals or corporations.

Yes, the commentariat is intermittently aware - thanks to writers like my colleague Eric Levitz - that the conservative zealots of the House Freedom Caucus have never stopped demanding cuts in "welfare" (a term they apply to any federal benefits that don't have work requirements and time limits) as part of the tax package.

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