President Trump isn’t letting the failed health care bill stop him from moving forward. He is full steam ahead with plans for massive tax cuts. Democrats have fought Trump at every turn, however, Trump isn’t someone that gives up. Trump promised tax reform and American’s, conservative and liberal are about to find out what a President that cares about helping ‘the people’ can do. Don’t be surprised when more Democrats cross the line to vote for Trump next election…
From Washington Times:
Doubts about Mr. Trump’s ability to cut political deals and whether he has willing partners on either side of the aisle have clouded the outlook for not just tax cuts but also his plans for a massive infrastructure program, trade deals and financial reform.
Senate Minority Leader Charles E. Schumer signaled Sunday that Democrats would dig in against Mr. Trump’s plans for the biggest rewrite of the tax code in a generation if, as expected, the across-the-board rate cuts include the wealthy.
“They don’t need another tax break,” he said on ABC’s “This Week.”
He also balked at Mr. Trump’s plan for an infrastructure program and proposed spending reforms.
“It’s not me, it’s him,” said the New York Democrat. “He ran as a populist against the Democratic and Republican establishments. He ran as a defender of the middle class. The minute he got into office he moved so far to the hard right that it’s virtually impossible for us to work with him.”
The painful defeat for Mr. Trump just two months into his presidency also rattled the business community, as the “Trump bump” in the stock markets showed signs of sagging.
“With a setback in health care reform, many market participants are beginning to question whether the Trump administration will be able to follow through with more sizable, and, arguably, more important legislation aimed at jump-starting the consumer and corporate America,” said Lindsey Piegza, chief economist at Stifel Fixed Income.
White House Chief of Staff Reince Priebus insisted that the president’s agenda continues to have broad appeal.
“Moving forward, the president’s vision on lowering taxes for every American is what’s going to unite not just the Republican Party, but I think some of those Democrats are going to come on board as well,” he said on “Fox News Sunday.”
He touted plans for middle-class tax cuts and a border tax.
The plan is expected to call for lowering the corporate tax rate to 20 percent, down from 35 percent, and to cut taxes for the middle class and every income level.
The administration still hasn’t made a commitment on the House Republicans‘ border adjustment tax proposal, which would tax imports and exempt exports, raising more than $1 trillion that could be used to offset tax cuts.
Conservative leaders in the House were looking to support the tax cuts. Likely forecasts of soaring deficits could make that a difficult position to sustain.
When the president gave up on the GOP bill to repeal and replace Obamacare, he also gave up nearly $1 trillion in tax cuts and commensurate spending cuts for Medicaid, measures that would lower the budget baseline and make it easier to cut tax rates without adding federal debt.