Trump's tax bill aimed for by year-end
The
Republican party's ambitious plan for tax reform should be through
Congress by the end of the year, says the White House and senior party
members.
The
top US Senate Republican and the White House budget director say they
hope for action on a Republican tax reform package by the end of the
year, while keeping their options open on how to pay for sweeping tax
cuts.
President Donald Trump's plan
promises up to $US6 trillion ($A7.7 trillion) in tax cuts but would
increase the federal deficit by $US1.5 trillion over the next decade.
Democrats have criticised the package as a giveaway to the rich and corporations that would balloon the deficit.
Republicans, who control both the Senate and House of Representatives, have yet to produce a bill as their self-imposed deadline to overhaul the US tax code by the end of 2017 approaches. The party's lawmakers differ widely on what cuts to make and how to pay for them.
Trump was expected to join a conference call on Sunday of House Republican lawmakers to try to rally them behind the Senate's version of a budget measure that is a key step in the process toward passing the tax package, according to Politico.
The president was also expected to travel to Capitol Hill on Tuesday to participate in Senate Republicans' weekly policy lunch, with the tax package high on the agenda.
The White House is not counting on Congress enacting enough spending reductions to offset the impact on revenue from tax cuts, said Trump's budget director, Mick Mulvaney.
Senate Majority Leader Mitch McConnell said estimated growth for the overall economy in the Republican plan would offset the tax cuts.
Trump's tax reform proposal cleared a critical hurdle on Thursday, when the Senate approved a budget measure that will allow Republicans to pursue a tax-cut package without support from Democrats.
McConnell expected Congress to get tax reform done by the end of the year.
Democrats have criticised the package as a giveaway to the rich and corporations that would balloon the deficit.
Republicans, who control both the Senate and House of Representatives, have yet to produce a bill as their self-imposed deadline to overhaul the US tax code by the end of 2017 approaches. The party's lawmakers differ widely on what cuts to make and how to pay for them.
Trump was expected to join a conference call on Sunday of House Republican lawmakers to try to rally them behind the Senate's version of a budget measure that is a key step in the process toward passing the tax package, according to Politico.
The president was also expected to travel to Capitol Hill on Tuesday to participate in Senate Republicans' weekly policy lunch, with the tax package high on the agenda.
The White House is not counting on Congress enacting enough spending reductions to offset the impact on revenue from tax cuts, said Trump's budget director, Mick Mulvaney.
Senate Majority Leader Mitch McConnell said estimated growth for the overall economy in the Republican plan would offset the tax cuts.
Trump's tax reform proposal cleared a critical hurdle on Thursday, when the Senate approved a budget measure that will allow Republicans to pursue a tax-cut package without support from Democrats.
McConnell expected Congress to get tax reform done by the end of the year.
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