Will corporate tax cuts help the middle class?

US President Donald Trump said "it's time" for US lawmakers to act on tax reform, increasing pressure on Congress as he seeks to make good on one of his biggest campaign promises.

Trump will speak about tax reform at the Loren Cook Company, which makes ventilation equipment.

Democrats have hinted they are willing to work with Republicans and the administration to accomplish tax reform, but only if it does not provide tax cuts for the wealthiest Americans. The probable compromise: Cut tax rates for all companies, but put a lower rate on corporations (which have fewer tax breaks than other businesses).

Trump said that if the US doesn't change it's tax system, "jobs and our country cannot take off the way they should - and it could be much worse than that".

Now that Republicans have ditched the idea, they face tighter budget constraints. Claire McCaskill (D-MO) out of office if she refused to support slashing the corporate tax rate.

What's more, since it will be politically hard to agree on ways to offset the costs of tax cuts, there's a fair chance they will be financed through government borrowing.

"I think a tax cut could be appropriate if it's directed in the right manner", another man said. I am sorry to say that many years later things have not improved for many Americans.

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The president's two top advisers on tax reform will be with him at the speech: Treasury Secretary Steven Mnuchin and White House economic adviser Gary Cohn, who are helping to guide the tax reform debate on Capitol Hill.

By expressing optimism Congress would pass a tax bill, Trump alluded to the Senate's inability to pass legislation to repeal and replace President Obama's health care law.

The White House in April released the broad strokes of Trump's proposal to reform the tax code.

Trump as a candidate, president-elect and president has advocated for ending what he called a rigged tax system, including the special interest loophole; reducing the "crushing" tax burden; restoring the United States' competitive advantage internationally; and bringing the country to a 3 percent growth rate.

In terms of policy, though, there are signs that the Trump White House is continuing to defer to Republicans in Congress.

"For tax reform to be permanent it must be bipartisan, and to be serious it must abandon the exhausted myth that tax cuts pay for themselves", said Rep. Steny Hoyer (D-Md.), the minority whip.

(Copyright © 2015. All Rights Reserved.)
 
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