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etvfutures.com November 19, 2017


Heitkamp Statement Following Bipartisan Dinner with President Trump on Tax Reform

17 September 2017, 06:59 | Opal Carroll

Trump continues to push for bipartisan tax overhaul

Three senators at bipartisan Trump dinner say there are areas of agreement on tax reform

President Donald Trump has been reaching out to Democrats to discuss a tax revamp.

The White House and GOP leaders plan to reveal new details of their plan to cut corporate and individual taxes the week of September 25, and they are imploring lawmakers to reach a budget agreement that could smooth its passage, a key lawmaker told his colleagues Wednesday morning.

Donald Trump has reiterated his goal to lower the U.S. corporate tax rate to 15 per cent to "match" China. That goal may be hard; 45 of the 48 Democratic senators signed a letter earlier this year that laid down three conditions for supporting tax legislation: that it not add to the federal deficit, that it not increase the burden on the middle class and that it go through the regular order process in Congress. The president said on his trip to Florida last week that he wants to cut taxes for the middle class and that "the wealthy Americans are not my priority". Trump said that "the individual rate coming down will be substantial for the middle class", adding those are the Americans he aims to "take care of".

Republicans love to call the estate tax "the death tax, " but the idea that family farms and small businesses are being routinely lost because of the estate tax is a myth. Congress' Joint Committee of Taxation says far less than 1 percent of all Americans pay any estate tax, and almost all of them are among the wealthiest 5 percent.

The president added, improbably, that the individual rate would be even lower than that. Plenty of Republicans on Capitol Hill, already angry at the president for cutting a deal with House Minority Leader Nancy Pelosi and Senate Minority Leader Chuck Schumer on keeping the government funded and increasing the debt ceiling, are apoplectic about that idea, with some suggesting they would block any such measure from advancing.

Lights still out for 6.1 million USA customers after Irma-utilities
The Forsyth County Sheriff's Office in Georgia said it was investigating a woman who was killed when a tree fell on her vehicle. About 46,000 of Georgia Power's customers still didn't have power Friday, according to the utility's state-wide outage map .


House Speaker Paul Ryan (R-WI) will convene an ad hoc working group of congressional Republicans to formulate a path forward for DACA recipients whose work permits will begin expiring in less than six months, Politico reported Thursday. The Texas Republican told members that following the tax plan release, the focus will turn to the House and Senate completing the budget process by mid-October, the person said.

Ryan, R-Wis., said the GOP's goal is to enact tax overhaul into law by the end of this year, not simply push it through the heavily Republican House, "so that we start 2018 in a new tax system".

Referencing tax cuts signed by President George W. Bush, Ryan said, "You can't just do what Bush did in 2001 and 2003". The Tax Policy Center, a joint effort of the Urban Institute and the Brookings Institution, estimates that the tax cuts Mr. Trump outlined in broad detail this spring would increase the deficit by $7.2 trillion over the first decade.

They're not saying no to tax cuts, just demanding that they be paid for and actually benefit people who need the help.



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