Hard to cut U.S. corporate tax rate below 26 percent

Pauline Gross
September 15, 2017

"It's the beginning of a very important process to achieve, for the first time in a generation, overhauling our tax system and giving middle-class families a much-deserved break", Ryan told reporters after the GOP meeting Wednesday.

"In a revenue-neutral bill, Congress can't get the rate below 26 percent even if it eliminates almost every corporate tax expenditure", Gleckman said in a blog posting accompanying the study.

Trump administration officials and congressional Republican leaders are promising a new framework in two weeks for legislation that would overhaul the US tax code - though they've shied away from releasing any details about how the changes would affect individuals or corporations. So far it has been a struggle, with differences emerging within the party over how low they can push tax rates and which deductions might have to be eased or eliminated. "It looks to me like there will be" a document released during the week of September 25 that provides new details on the Republican tax plan, he told reporters on Wednesday.

Objections also threaten from the GOP's seemingly shrinking ranks of deficit hawks if Ryan, Trump and Senate Majority Leader Mitch McConnell do try to move forward with a tax plan that could cost hundreds of billions of dollars, without paying for it with cuts in federal spending or some new sources of revenue. Sen.

"Is the speaker supporting legislation that will give DACA recipients a chance for citizenship?" a viewer question to Ryan read, with AP Chief Congressional Correspondent Erica Werner adding, "Do you believe your conference would accept that?"

Despite talks with Democrats on tax legislation, opposition by virtually all of them seems likely, meaning GOP lawmakers will have to be united.

Ryan said he articulated the need for border security to be included in any agreement during his meeting with top House Democrats Wednesday evening.

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During his presidential campaign and since, Trump has repeatedly promised to build a wall along the U.S. -Mexico border. "We're all for tax reform", said Rep. Scott Perry, a conservative.

As Trump and the Democrats have negotiated the framework of a deal on DACA, Speaker of the House Paul Ryan (R-WI) is wigging out and trying to walk everything back by claiming that there is no deal. I didn't want this to be rescinded on Day One and create chaos", Ryan said, arguing the time would allow Congress to "come up with the right kind of consensus and compromise to fix this problem.

Trump has announced he will dismantle the Deferred Action for Childhood Arrivals program in six months.

Ryan made his comments on taxes as he discussed a range of issues with the AP, including immigration, where he pledged to find a solution for the almost 800,000 immigrants brought to this country as children and now here illegally.

House Speaker Paul Ryan says White House operations are "improving", but he's not saying whether he thinks that's because of recent West Wing personnel changes.

After months of disarray and confusion at the White House, Ryan said its operations have been getting better lately.

Other reports by GizPress

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