House Republican says tax plan won't have specific rates

House GOP plan will boost tax revenue and satisfy businesses

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Senator Joe Manchin, a West Virginia Democrat who was among the group that met with Trump Tuesday night, said during a Bloomberg Television interview Wednesday that the president stressed his plan would offer tax relief to the middle class, not a "tax cut for the rich".

So far, the White House and GOP negotiators have areas of overlap but also areas of disagreement in their tax cut approach.

Both Trump and the Democratic congressional leaders, Sen. 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.

Speaker Paul Ryan is impaneling an informal working group of moderate Republicans and immigration hard-liners to find a solution for so-called Dreamers that the House GOP conference can support. (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.

Kevin Brady, the chief House tax writer, told the chamber's Republicans that White House advisers and congressional leaders working on a tax plan will release a framework the week of September 25.

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Asked twice whether he would insist the emerging tax plan not pile more billions onto the $20 trillion national debt, Ryan passed up the chance to affirm that commitment. In fact, nonpartisan studies consistently suggest most of the benefits of corporate tax cuts go to company owners or investors, not to hire more workers or raise wages. "The House, the Senate and the White House are starting from the same page and the same outline, and then the tax writers are going to take it from there on the details". Though Treasury Secretary Steven Mnuchin conceded Tuesday that the administration might not be able to cut the corporate tax rate to 15 percent, it's still Mr. Trump's target number.

Dramatically cutting corporate tax rates would not bring back the factories to the Midwest as the president promised. "And so that's what we're going to give a shot", he said. Under current law, only estates worth more than $5.49 million for individuals - or $10.98 million for married couples - are subject to the 40 percent tax.

Trump continues to put pressure on lawmakers to get a tax bill completed - he posted a Twitter message on Wednesday saying: "With Irma and Harvey devastation, Tax Cuts and Tax Reform is needed more than ever before".

Trump has also been pushing Democrats to join him in overhauling the nation's tax code and making a major investment in infrastructure spending, despite chilly relations in the first months of his administration.

"We need tax reform to benefit everyone, to lift people's after-tax incomes", Cruz said.

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