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Ryan won't say tax cut won't raise deficit

17 September 2017

That may not fly with most Republicans in Congress, but given Trump's apostasy on certain subjects, such as his willingness to close tax loopholes that benefit hedge fund managers (though Mnuchin on Tuesday floated the possibility that other kinds of firms might still be able to use it), he may be willing to cut a deal. The nation needs tax reform, but not tax cuts for the wealthy that would sacrifice popular tax deductions and raise the federal deficit.

Trump urged lawmakers gathered to discuss tax reform not to forget the immigration issue as they dig into the fall agenda. (Of note here: President Trump on Thursday said that the tax package being devised will be revenue neutral once economic growth is factored in.) But absent such new ways to pay for the tax cuts, the rates being discussed are likely to meet some resistance from Republicans anxious about rising deficits. And Congress must act by December 8 to fund the government or face a shutdown, which could distract from the tax debate.

The budget director added during an interview on Bloomberg Television that the Trump administration wants to see a 15 percent corporate tax rate and that an overhaul should simplify Americans' ability to file taxes.

The top Republican tax law writer in the U.S. House of Representatives said on Thursday that he does not expect an upcoming tax reform framework to contain specific numbers on income tax rates for corporations and individuals.

"China has a business tax rate of 15%", he tweeted.

"Any chance to talk with the president about issues important to North Dakota is an opportunity I welcome", said Heitkamp. Or, he added, "If they have to go higher they they will go higher".

8 died in USA nursing home in aftermath of Irma
Workers reportedly tried to keep residents cool with cold drinks, fans, ice and cold towels as temperatures reached into the 80s. It was reported that a quarter of homes in the Florida Keys - a series of low-lying islands - were destroyed in the hurricane .

Representative Henry Cuellar, a Texas Democrat who also met with Trump Wednesday, said the president told the group: "I'm not asking you to go out there and sell a tax cut for the rich".

On Tuesday night, Trump hosted six senators for a dinner that also focused on tax reform. "We are looking for the middle class and we are looking for jobs - jobs being the economy".

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.

Trump continues to put pressure on lawmakers to get a tax bill completed - he posted a Twitter message on Wednesday saying: "With Irma and Harvey devastation, Tax Cuts and Tax Reform is needed more than ever before".

Cruz, who opposed Trump for the Republican presidential nomination past year, gave a speech Wednesday on his goals for tax legislation during an event sponsored by the Tax Foundation, a Washington policy group. It's just another tax cut for the wealthy that the nation can not afford.

Ryan won't say tax cut won't raise deficit