FILE PHOTO: Chairman of the House Ways and Means Committee Kevin Brady (R-TX) holds up a sample tax form as he speaks during a media briefing after the House Republican conference on Capitol Hill in Washington, U.S., April 17, 2018. REUTERS/Joshua Roberts 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 … [Read more...] about Trump’s new tax cut plan probably waits for 2019: lawmaker
Taxes trump plan
President Donald Trump, speaking to reporters at the White House as he left on a campaign trip to Texas, said on Monday his administration planned to produce a resolution within two weeks calling for a 10 percent tax cut for middle-income people. "We're putting in a resolution sometime in the next week or week-and-a-half, two weeks," Trump said. "We're giving a middle-income tax reduction of about 10 percent. We're doing it now for middle-income people." Trump said on Saturday his administration was studying a tax cut to be rolled out some time around the beginning of November just before the Nov. 6 congressional elections, even though lawmakers are out of town campaigning and Congress is not in session. Trump's fellow Republicans are seeking in the elections to hold on to their majorities in the Senate and House of Representatives. The president clarified on Monday that the proposed tax cuts would be unveiled before the election but would have to go through Congress afterward. "We … [Read more...] about Trump Eyeing a 10 Percent Middle-Income Tax Cut Plan
NEW YORK (AP) — President Donald Trump on Wednesday expressed outrage over a New York Times report that he received at least $413 million from his father over the decades, much of that through dubious tax dodges, including outright fraud.Trump accused the newspaper of "doing a very old, boring and often told hit piece on me." In a tweet, he said: "Added up, this means that 97% of their stories on me are bad. Never recovered from bad election call!"The Failing New York Times did something I have never seen done before. They used the concept of “time value of money” in doing a very old, boring and often told hit piece on me. Added up, this means that 97% of their stories on me are bad. Never recovered from bad election call!— Donald J. Trump (@realDonaldTrump) October 3, 2018The 15,000-word Times report contradicts Trump's portrayal of himself as a self-made billionaire who started with just a $1 million loan from his father.The Times says Trump and his father, … [Read more...] about President Trump slams New York Times ‘hit piece’ on reported tax avoidance plan
The Latest: Trump plan will aid farmers hurt by tariffs July 24, 2018 Updated: July 24, 2018 10:32am Photo: Jacquelyn Martin, AP Image 1of/2 CaptionClose Image 1 of 2 House Speaker Paul Ryan of Wis., leaves a news conference following a GOP caucus meeting, Tuesday, July 24, 2018, on Capitol Hill in Washington. House Speaker Paul Ryan of Wis., leaves a news conference following a GOP caucus meeting, Tuesday, July 24, 2018, on Capitol Hill in Washington. Photo: Jacquelyn Martin, AP Image 2 of 2 President Donald Trump arrives for a tour during a "Made in America Product Showcase" at the White House, Monday, July 23, 2018, in Washington. President Donald Trump arrives for a tour during a "Made in America Product Showcase" at the White House, Monday, July 23, 2018, in Washington. … [Read more...] about The Latest: Trump plan will aid farmers hurt by tariffs
close Trump unveils plans for tax reform, health care legislation John Roberts shares a roundup of the president's remarks. President Trump and congressional Republicans unveiled their plan for a massive tax overhaul. The plan, meant to be a framework for Congress to negotiate into legislation, still has missing parts. And as the House prepares to vote on the Senate’s budget plan Thursday, some lawmakers, including Republicans, still have qualms with parts of the tax framework. One issue is whether to curb tax-free deposits in 401(k) retirements accounts, something that Trump has said he opposed. Ways and Means Committee Chairman Kevin Brady, R-Texas, wants to curtail them. White House press secretary Sarah Sanders declined to "negotiate" and speculate on if Trump could work with lawmakers and change the 401(k) rules but told Fox News Thursday morning that he is "committed" to protecting the middle class' retirement accounts. "The president will get much … [Read more...] about Trump’s tax reform plan: Who are the winners and losers?