For over 50 years, Bloomberg Tax’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...
July 7 — Donald Trump’s tax staff has reacted positively to the House Republican tax blueprint, according to House Ways and Means Committee Chairman Kevin Brady (R-Texas).
Brady attended Trump's meeting with House Republicans early July 7, but didn’t pitch the proposal to the presumptive Republican presidential candidate.
Still, staff-level talks have proven productive to date.
“My impression is they loved it,” Brady told reporters. “They loved the direction we're going on growth and on simplicity and accountability.”
Full expensing for businesses offers the best economic boost in the plan, he said during an event hosted by the Taxpayers Protection Alliance. Reducing the number of individual tax brackets would make filing taxes easier and restructuring the Internal Revenue Service would improve taxpayers' experiences with the agency, Brady said of other components in the blueprint (129 DTR G-3, 7/6/16).
The plan was released late last month (123 DTR G-6, 6/27/16).
House Republicans had many questions for Trump during their time together but the blueprint wasn't discussed, Brady said. Trump also met with Senate Republicans later in the morning.
“We've been busy with his tax experts here for quite a while, and there is a lot of common ground,” Brady said.
Trump's tax proposals would reduce tax revenue by $10.1 trillion over a decade, according to a dynamic score from the Tax Foundation, the same group that calculated a $191 billion dynamic estimate for the House Republican blueprint.
The Trump plan would lower all business income taxes to 15 percent, while House Republicans would reduce the corporate tax rate to 20 percent and the tax rate on passthrough businesses to 25 percent. The top individual rate would drop from 39.6 percent under the blueprint and 25 percent under Trump's plan.
Brady said he recognized differences between the two, including revenue impacts, but said both sides would continue to make their plans better.
“Having a tax blueprint that is revenue neutral in dynamic scoring, we're going to achieve that goal,” he said.
Brady has said he would support the Republican Party's presidential nominee without directly backing Trump by name.
To contact the reporter on this story: Aaron E. Lorenzo in Washington at firstname.lastname@example.org
To contact the editor responsible for this story: Brett Ferguson at email@example.com
Copyright © 2016 The Bureau of National Affairs, Inc. All Rights Reserved.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)