Thursday, March 30, 2017

Trump to Meet With Cohn Today to Discuss Tax Overhaul

Hee, hee, hee, find the real tax cut.
President Donald Trump will be briefed Thursday on various ways to implement comprehensive tax code changes, reports Bloomberg.

Trump will be presented with possible options by a group of administration officials including former Goldman Sachs CEO Gary Cohn, now head of the National Economic Council, according to the report.

Keep in mind that this is about shifting taxes around not about tax cuts.

As Bloomberg puts it:
 Revenue neutrality is essential for a tax plan to be permanent and passed without Democratic support in the Senate.
One of the proposals that will be presented, according to Bloomberg, is the horrific border-adjusted tax, a centerpiece of the plan favored by House Speaker Paul Ryan.

The president is also expected to be briefed on details of a 2014 tax plan championed by former Representative Dave Camp who chaired the House Ways and Means Committee. He had proposed lowering the corporate tax rate to 25 percent while eliminating certain tax credits and deductions. The plan was revenue neutral.

Treasury Secretary Steven Mnuchin, who has a team within his department to evaluate tax-code rewrite options, signaled last week that while August is the administration’s target date, the fall may be more likely.


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