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Trump says he will go into "important details" about tax reform in the next two weeks
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Economy News Baghdad: WASHINGTON (Reuters) - US President Donald Trump said on Wednesday he would go into "important details" over the next two weeks on his tax reform plan, which lacked precise details after months of debate between the administration and congressional leaders. Trump, in a speech in North Dakota, outlined the tax reform, such as simplifying the US tax code and easing the tax burden on the middle class, ideas he has been talking about since his campaign for the 2016 presidential election. "We will be going into important details over the next two weeks, but we are working on it with Congress now and setting very precise figures," Trump said. The US stock market rose earlier this year with hopes of prompt corporate tax cuts during Trump's rule, but analysts have since downgraded their expectations for major fiscal adjustments this year. The Republican Party remains divided on important issues, including whether tax cuts should be offset by cutting spending to avoid a widening federal budget deficit and the extent to which corporate income tax cuts. Treasury Secretary Stephen Menuchin, who accompanied Trump on his tour, said he expected congressional committees to consider a tax management plan later this month. Menuchin is a member of a six-member Republican team that has been negotiating a tax scheme behind closed doors for months, has no democrats, and is just a few pages of basic principles. Some of the team's members recently disagreed with Trump. Trump is trying to persuade Democrats to support his bid to cut taxes and simplify the tax law this year, a crucial plan to support Republicans ahead of the mid-term elections in 2018, but they contain few details so far. |
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