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Home>Trump tells lawmakers tax plan could lead to 6% growth | IRS shares info with special counsel in Russia probe

Trump tells lawmakers tax plan could lead to 6% growth | IRS shares info with special counsel in Russia probe

Trump tells lawmakers tax plan could lead to 6% growth | IRS shares info with special counsel in Russia probe

09/27/2017

By Robert Schroeder, MarketWatch

Trump deletes tweets supporting Strange after runoff loss

President Donald Trump told a group of lawmakers that the tax framework he's unveiling Wednesday could lead the U.S. economy to grow more than 6% a year, according to the Washington Post.

That's more than double what even Trump's advisers had hoped for, the Post writes, and a view many economists think is preposterous. Trump is due to roll out the tax blueprint in a speech in Indianapolis. Its major features include cutting the corporate tax rate to 20%; collapsing the seven tax brackets into three; and nearly doubling the standard deduction. But the plan will mostly stop short of eliminating breaks that businesses and families use to lower their taxes, instead leaving it up to Congress to debate those changes, the Post writes (https://www.washingtonpost.com/news/wonk/wp/2017/09/26/republican-to-unveil-broad-tax-cuts-put-off-tough-decisions/?utm_term=.df560519555e).

Opinion:What 10 million simulations tell us about President Trump's chances of achieving 3% economic growth (http://www.marketwatch.com/story/what-10-million-simulations-tell-us-about-president-trumps-chances-of-achieving-3-economic-growth-2017-05-24).

Also see: How to separate fact from fiction in tax reform (http://www.marketwatch.com/story/how-to-separate-fact-from-fiction-in-tax-reform-2017-09-27).

Democrats press to join GOP at tax retreat: House Republicans are attending a retreat Wednesday where they'll be briefed on the tax framework, the Hill writes (http://thehill.com/policy/finance/352623-dems-seek-to-be-included-in-house-gop-tax-reform-retreat)-- and Democrats say they want to be a part of it. "This is not a process that should be undertaken on a partisan basis," House Democratic Caucus Chairman Joe Crowley, a New York Democrat, wrote to House Speaker Paul Ryan and House Ways and Means Committee Chairman Kevin Brady. Democrats have said they're frustrated they have not been involved in the drafting of the tax framework.

Meanwhile, Democratic Sen. Joe Donnelly of Indiana is reportedly flying aboard Air Force One with Trump on Wednesday, to be at Trump's speech in Indianapolis. The flight with the president is the latest in a White House campaign to pressure Democrats into supporting the GOP's tax effort.

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