WASHINGTON – President Donald Trump urged Congress on Wednesday to quickly approve his tax reform plan, which he said includes the “biggest” tax cut in US history.
“The approval process for the biggest Tax Cut & Tax Reform package in the history of our country will soon begin. Move fast Congress!” said Trump on Twitter.
In a subsequent tweet, the president said “With Irma and Harvey devastation, Tax Cuts and Tax Reform is needed more than ever before. Go Congress, go!”
On Tuesday evening, Trump welcomed Republican and Democratic senators at the White House to discuss “tax cuts for the middle class.”
The White House said that the president’s discussion with the bipartisan group of senators was “highly productive” and will “spur constructive discussion,” adding that Trump had asked the lawmakers to “help deliver tax cuts for American families.”
Invited to the White House for dinner with Trump were Democratic Sens. Joe Manchin of West Virginia, Heidi Heitkamp of North Dakota and Joe Donnelly of Indiana, along with Republicans John Thune of North Dakota, Pat Toomey of Pennsylvania and Orrin Hatch of Utah.
Trump called his tax reform plan the biggest tax cut since the administration of Ronald Reagan during the 1980s.
The tax rate that US businesses pay is currently 35 percent, and reducing that rate to 15 percent is one of the main elements of Trump’s tax plan, along with middle class tax cuts, although further details of the plan have not yet been made public.
Treasury Secretary Steven Mnuchin acknowledged on Tuesday that the tax rate reduction for companies promised by Trump will be difficult to achieve, but he reiterated the administration’s commitment to reducing the rate to a “competitive” level vis-a-vis corporate tax rates around the world.
Mnuchin said that the administration expects to present a detailed tax reform plan “in the coming weeks” and that it should be approved by Congress before yearend.
Meanwhile, Republican House Speaker Paul Ryan said that the first draft of the plan containing details about it will be presented during the week of Sept. 25.
At a Capitol press conference, Ryan said that it is expected that presenting the plan will allow lawmakers to produce a bill on it within the subsequent few weeks.
The initial draft will reflect the consensus between the White House and the House and Senate committees with responsibility for tax issues, Ryan said.