The New Exchange

You are not logged in. Would you like to login or register?

4/01/2017 9:41 am  #1

Will The President Wing It on Tax Reform?

Looks like another clusterfluck is in the making.

Trump lacks team and clear plan for quick tax reform

President Donald Trump has neither a clear White House tax plan nor adequate staff yet to see through a planned tax reform, according to interviews with people in the administration, in Congress and among U.S. tax experts.

In an echo of its attempt to roll back Obamacare that ended in an embarrassing collapse in Congress, the Trump administration has vowed quick action on taxes. But it has yet to appoint people with the skills to evaluate complex tax laws, draft legislation and sell it to deeply divided lawmakers.

Burned by last week's failed healthcare measure largely authored by House of Representatives Republicans, Trump is determined not to count on Congress so much this time for handling the details on taxes, his second major legislative initiative.

But that only underscores his need for a strong White House tax team, which the administration still lacks. Many policy options are still being studied, from deficit-funded tax cuts to a European-style value-added tax.

"They're still sorting out who's in charge, who's going to take the lead," said William Hoagland, a longtime Senate Republican aide who worked on the last successful comprehensive tax reform effort in 1986.

"You need someone who has the ear and support of the president who can sell a tax plan, and you need the technical support for that person,” said Hoagland, now senior vice president at the Bipartisan Policy Center, a think tank.

Financial markets have been reassessing expectations of fast action on taxes that have helped fuel a Trump stocks rally.

Members of Trump's tax team are known, but not their exact duties. Treasury Secretary Steven Mnuchin and National Economic Council Director Gary Cohn are senior team leaders. Others include White House advisers Steve Bannon, Jared Kushner, Chief of Staff Reince Priebus and Commerce Secretary Wilbur Ross.

Trump huddled with Mnuchin on Thursday to discuss taxes.

“We are at the first stages of this process, beginning to engage with members of Congress, policy groups, business leaders, industry, constituents from around the country, and other stakeholders,” White House spokesman Sean Spicer told reporters on Thursday, Trump's 69th day in office.

We live in a time in which decent and otherwise sensible people are surrendering too easily to the hectoring of morons or extremists. 

4/01/2017 10:42 am  #2

Re: Will The President Wing It on Tax Reform?

He will find many roadblocks WITHIN his own party. IF he tries to "wing it", it will wind up like the Repeal and Replace - on the junkpile. There ARE many reforms that could and should be done to our tax structure to simplify it, but as in most things there are many factions that want to keep their deductions and special treatments in place both in business and private finances. 

"Do not confuse motion and progress, A rocking horse keeps moving but does not make any progress"

Board footera


Powered by Boardhost. Create a Free Forum