Now that House Republicans have successfully passed a version of health care reform, Speaker Paul Ryan is ready to pivot toward tax and regulatory reform.
Ryan will travel Wednesday to Ohio to begin selling voters his plan to cut taxes and overhaul a regulatory state he believes to be crippling business and economic growth. Included in his trip is a stop at a manufacturing plant near Columbus where the speaker will hold a roundtable discussion with local business owners.
The speaker is not expected to elaborate on any disagreements he has with President Donald Trump’s administration regarding specific tax policy preferences.
Ryan and Ways and Means Chairman Kevin Brady put forth their own version of tax reform in August called “A Better Way for Tax Reform.” The White House included a great deal of Ryan’s platform, but it disagrees over a few key provisions, like the Border Tax Adjustment. (RELATED: A Comprehensive Look At Donald Trump’s Tax Plan)
Secretary of the Treasury Steve Mnuchin described the Trump’s tax reform proposal as the “biggest tax cut and the largest tax reform in the history of our country.”
“We are committed that small business owner-operators will have the benefit of the business rate. What this is not going to be is a loophole to let rich people who should be paying higher rates pay 15 percent,” Mnuchin told reporters.
Congress is expected to debate tax reform for weeks, if not months. Ryan is reportedly hoping to get out in front of the national conversation to spin the package in a positive light, Axios reports.
Mnuchin believes that passing tax reform before Congress’ August recess is still “highly aggressive” and not “realistic at this point.”
The Trump administration views the current proposal as a win for both members of Congress and the American people. National Economic Economic Council Director Gary Cohn thinks Democrats should come around to the reform package.
“This is something I hope Democrats would support too, because it is good for the American people,” Cohn said.
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