Donald Trump will visit Springfield, Missouri a day after touring southeastern Texas
Washington:
President Donald Trump hits the road on Wednesday on a tour to sell tax reform to everyday Americans and lawmakers, but this campaign pledge is still very short on details.
Trump will visit Springfield, Missouri a day after touring hurricane-ravaged southeastern Texas.
An administration official said the goal of Trump's speech in the Midwest is more to explain why America needs tax reform, rather than the nitty gritty of what he wants to change.
"The president wants to take this conversation directly to the American people," the official said.
Trump will explain that the US tax code is simply broken and in fact six times longer than it was in 1955, the official said.
The Trump administration's stated goal is to adopt tax reform by the end of the year, but that's a tall task both technically and politically.
A lot of key questions remain on the Trump tax plan, which is at the heart of the administration's goal of achieving yearly economic growth of at least three percent.
For instance, the administration has not stated publicly what will be the precise scope of Trump's tax reforms. The tax code in the US has not been modified significantly since 1986.
Trump said in April he wants to lower the tax rate on businesses to 15 per cent, but it is not clear if this rate will remain or ultimately be revised upward.
The White House is dodging such questions.
Gary Cohn, Trump's top economic adviser and architect of the evolving tax reform plan along with Treasury Secretary Steven Mnuchin, has only said that the business tax rate should be as low as possible so that companies will be in a position to create new jobs.
Republicans control both chambers of Congress, but there is hardly a consensus on tax reform and talks on the issue look set to be arduous.
Trump will visit Springfield, Missouri a day after touring hurricane-ravaged southeastern Texas.
An administration official said the goal of Trump's speech in the Midwest is more to explain why America needs tax reform, rather than the nitty gritty of what he wants to change.
"The president wants to take this conversation directly to the American people," the official said.
Trump will explain that the US tax code is simply broken and in fact six times longer than it was in 1955, the official said.
The Trump administration's stated goal is to adopt tax reform by the end of the year, but that's a tall task both technically and politically.
A lot of key questions remain on the Trump tax plan, which is at the heart of the administration's goal of achieving yearly economic growth of at least three percent.
For instance, the administration has not stated publicly what will be the precise scope of Trump's tax reforms. The tax code in the US has not been modified significantly since 1986.
Trump said in April he wants to lower the tax rate on businesses to 15 per cent, but it is not clear if this rate will remain or ultimately be revised upward.
The White House is dodging such questions.
Gary Cohn, Trump's top economic adviser and architect of the evolving tax reform plan along with Treasury Secretary Steven Mnuchin, has only said that the business tax rate should be as low as possible so that companies will be in a position to create new jobs.
Republicans control both chambers of Congress, but there is hardly a consensus on tax reform and talks on the issue look set to be arduous.
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