Trump’s new tax cut plan probably waits for 2019: lawmaker By Reuters

Trump’s new tax cut plan probably waits for 2019: lawmaker

WASHINGTON (Reuters) – The U.S. House of Representatives’ leading lawmaker on taxes suggested on Sunday that a new tax cut plan touted by President Donald Trump was unlikely to see action in Congress before 2019, and then only if Republicans keep their majority in Nov. 6 elections.

“Really common sense tells you that this (Trump’s new tax cut plan) is something, that as the Republicans retain the House and the Senate, that will advance in the new Congress,” Representative Kevin Brady said on Fox News.

Brady was discussing a new 10 percent middle-class tax cut proposal that Trump began touting earlier this month.

Brady did not completely rule out that such a measure could be brought to a vote before year’s end, but said the session of the outgoing Congress which begins in mid-November is “so unpredictable.” Brady spoke on “Sunday Morning Futures.”

Trump’s new 10 percent tax plan is widely seen by lobbyists as only the latest Republican campaign messaging exercise on taxes. All 435 U.S. House members and one-third of the Senate are running for re-election in the Nov. 6 elections.

The Republican-controlled House also passed a “Tax Reform 2.0” bill with individual tax cuts last month, before leaving Washington to campaign for re-election.

That bill, which would make permanent individual tax cuts from Trump’s 2017 tax overhaul, has not passed the Senate, where Republicans have a narrow 51-49 majority. Brady said Sunday he thought Senate passage of that legislation, too, depended on the outcome of voting on Nov. 6.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.




Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

*