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Wednesday, 13 September 2017 15:35

Trump Goes All In on a Tax Overhaul Whose Details Remain Unwritten

Written by  ALAN RAPPEPORT

WASHINGTON — President Trump is doubling down this week on his bid to remake the tax code, meeting with Democrats, tying tax legislation to hurricane recovery and dispatching his economic team to Capitol Hill almost daily to prod lawmakers into action.

But he is bringing to the game a relatively weak team — a chief economic adviser whom he has openly disparaged and a Treasury secretary whose counsel he has dismissed — and is promoting quick passage of a new tax code that has yet to be written as members of his party bicker over the details.

The urgency was evident on Wednesday, as Mr. Trump urged Congress to “move fast,” and Republican leaders seemed ready. Representative Kevin Brady of Texas, chairman of the House Ways and Means Committee, told House Republicans that the administration and congressional Republicans would release a detailed framework of their plan during the week of Sept. 25, with the goal of taking up legislation in late October.

But Republicans remain divided on key details: whether they can meet Mr. Trump’s demand for a 15 percent corporate tax rate; which small businesses and partnerships would qualify for a new low business tax rate; whether tax cuts in the package should be paid for by closing loopholes; and whether hedge fund and private equity managers would continue to see their huge fees taxed at the low rate of capital gains instead of at income tax rates.

Read more at NYTimes

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