Since his campaign kicked off in 2015, President Donald Trump has remained consistent on a few policy positions. One of the most significant was his promise to deliver comprehensive tax reform, and it seems to be the issue to which he's now devoting the most attention.
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There are still basic questions Republicans need to answer about their massive tax plan
President Donald Trump is set to push hard for his plan to cut taxes, but the problem is there's no specific plan for him to sell to the American public.
On Wednesday, Trump laid out his principles for tax overhaul in a speech kicking off a campaign to pass a tax plan by the end of the year.
Despite the coming public tour, a massive amount of behind-the-scenes work must still be done to craft the actual plan.
According tomultiple reports, Republicans have yet to craft a full-fledged piece of legislation, and public details from congressional leaders and the White House have been sketchy at best. Trump did not mention specifics in his speech in Missouri, instead opting for general principles that were a reheated version of other statements from the Trump White House.
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Here's an overview of the biggest the questions Republicans still need to answer about their tax plan:
- Are the tax cuts permanent or temporary?
- can't be done through budget reconciliation
- long argued for permanent cuts
- What will be the proposed corporate rate?
- During an interview with the Financial Times
- What will be the proposed rate for the repatriation tax?
- during his FT interview
- Which deductions would be eliminated?
- carried interest
- What will the proposed income ranges be for new tax brackets?
The Trump administration and leading Republicans lawmakers have pushed to pass a tax bill by the end of the year.
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