Trump Speech in Missouri Expected to Lay Groundwork for Tax Overhaul

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President Trump is expected to offer few details as he begins a public push to enact an ambitious tax overhaul. Credit Al Drago for The New York Times

WASHINGTON — After months of vague promises of a sweeping tax overhaul, President Trump is expected on Wednesday to begin a public push to enact the ambitious plan, which still lacks many crucial details.

In a speech in Springfield, Mo., Mr. Trump plans to lay out the case for cutting taxes for businesses and individuals and for simplifying the tax code, according to White House and congressional officials familiar with his message, who insisted on anonymity to describe it in advance. The president also plans to argue that doing so will yield economic growth, persuade companies to keep jobs and profits in the United States and allow working Americans to keep more of the money they earn.

But beyond aspirational pledges and broad justifications for the deep business tax cuts he has proposed, the president is expected to offer few specifics about the plan he is pitching, people briefed on his speech said. It will be up to lawmakers in Congress to hash out the particulars of a complex and politically difficult bill, they said.

Private negotiations among Gary D. Cohn, Mr. Trump’s top economic adviser; Steven Mnuchin, the Treasury secretary; and Republican congressional leaders and tax writers have yet to yield a proposal embraced by the White House and Republican lawmakers. And the already long odds of completing a plan and signing it into law before year’s end appear to be dwindling.

Already, Mr. Trump has had to temper his ambitions. Administration officials are now discussing a plan that would cut the 35 percent corporate tax rate to 20 to 25 percent, substantially higher than the 15 percent the president called for in April. They are also weighing leaving the top individual tax rate, which they wanted to lower to 35 percent, at its current 39.6 percent level.

The timetable has slipped considerably, as well. Mr. Mnuchin noted last week that his goal to produce a tax proposal by August never materialized, and he declined to predict that a plan would be enacted this year.

Continue reading the main storySource: New York Times – Politics

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