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Hard to cut USA corporate tax rate below 26 percent

17 September 2017

He hasn't provided a plan for overhauling the tax code yet but says he wants to simplify it and cut corporate taxes.

The Tea Partyers and other conservatives who seized control of the House in 2010 have morphed into Ronald Reagan-style supply-siders while the GOP's numerous Pentagon pals run roughshod over the few holdouts.

Republicans in Washington are now working on the details of the bill.

In case you missed Rachel's segment on this: "Former national security adviser Susan Rice privately told House investigators that she unmasked the identities of senior Trump officials to understand why the crown prince of the United Arab Emirates was in NY late previous year, multiple sources told CNN".

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"Republicans gave up on caring about deficits long ago", bemoaned Republican Sen.

The tax overhaul principles Republicans have put forth envision slashes in the corporate tax rate and individual tax rates. When that proved not to be the case, the Republicans were gleeful, the president was embarrassed (remember when we had presidents who could be embarrassed?) and trust in government took another hit. Medicare and Social Security are drawing closer to insolvency.

Congressional Republicans are going to try to slash spending. "Now Trump is talking about doing bipartisan stuff with Chuck and Nancy on taxes". Neither much are voters. The House is no problem, but the Senate, with the requirement of 60 votes to overcome a filibuster, is much harder. Rick Santorum, R-Pa., a two-time presidential candidate.

"He was so explicit during the campaign on the issue of the border wall and border security that if he were to backtrack on that promise I don't think he'd have a single friend left in the country". This week, US House Speaker Paul Ryan said that an outline on tax reform legislation would be released during the week of September 25. Ms. Pelosi and members of her caucus in the House have taken a similar stance, and as such, Democrats are specifically criticizing plans to repeal the estate tax and the possibility of eliminating deductions widely used by the middle class. "That's more important than anything else".

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On taxes, Trump himself added to the complications when he surprisingly declared, at a meeting with a bipartisan group of House members, that taxes on the wealthy would not go down under the GOP plan and might even go up. It is time to restore freedom to Americans and relieve the 6 billion-hours-a-year burden of this nation's tax laws. It was also a signal from Hatch to his colleagues in the Senate that they will have a say about what ends up in a tax bill.

Back in February, Treasury Secretary Steven Mnuchin said he expected "very significant" tax reform to be passed before Congress's August recess. "High speed trains are wonderful, but we need to think about high speed connectivity, broadband internet and cell services".

GOP leaders made that "revenue neutral" promise in a campaign manifesto a year ago and many times since. "Believe me there's more defense hawks than budget hawks in the Republican conference right now". The Senate hasn't acted yet, but no one in that chamber is taking the lead in pressing for a companion package of cuts.

"Disagreements over both substance and process are driving a wedge between senior House Republicans involved in the tax-writing process and their Senate counterparts", Henrietta Treyz of investment advisory firm Veda Partners said in a report.

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