Trump continues to push for bipartisan tax overhaul

Republicans prepared to release details of tax plan in upcoming weeks

Chip Somodevilla Getty Images House Ways and Means Committee Chairman Kevin Brady

President Donald Trump says he wants to cut taxes to help middle-class Americans, not rich ones.

But the meeting was mostly geared toward the tax plan. And on the corporate side, the rates being targeted by President Trump and tax negotiators in Congress and the administration can't happen if the goal is to keep government revenue at current levels. That goal may be hard; 45 of the 48 Democratic senators signed a letter earlier this year that laid down three conditions for supporting tax legislation: that it not add to the federal deficit, that it not increase the burden on the middle class and that it go through the regular order process in Congress.

Trump, who has been courting Democratic votes for tax changes, told reporters Wednesday that he doesn't expect the wealthiest Americans to benefit from the legislation. "We are looking for the middle class and we are looking for jobs - jobs being the economy". Republicans point out the USA corporate tax rate is the highest in the world, but in fact most companies pay a far lower rate, and after deductions and credits the highest effective tax rate is just over 19 percent.

Or maybe not. House Speaker Paul Ryan on Wednesday "backed off months of promises that the Republicans' tax plan won't add to the nation's ballooning deficit", the Associated Press reported.

"But Ryan dismissed the possible deal as preliminary discussions and insisted any agreement must have buy-in from GOP leaders".

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Reed was among a bipartisan group that met with Trump Wednesday.

"China has a business tax rate of 15%".

Previously, Trump and House GOP leaders have called for replacing the existing seven individual income-tax rates with just three, while reducing the top rate to 35 percent from 39.6 percent. The Texas Republican told members that following the tax plan release, the focus will turn to the House and Senate completing the budget process by mid-October, the person said. (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. 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. The Tax Policy Center, a joint effort of the Urban Institute and the Brookings Institution, estimates that the tax cuts Mr. Trump outlined in broad detail this spring would increase the deficit by $7.2 trillion over the first decade.

Cruz, who opposed Trump for the Republican presidential nomination previous year, gave a speech Wednesday on his goals for tax legislation during an event sponsored by the Tax Foundation, a Washington policy group.

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