Trump’s plan for the ‘biggest’ tax cut in US history could be delayed by a year

Trump’s plan for the ‘biggest’ tax cut in US history could be delayed by a year

September 23, 2021 Comments Off on Trump’s plan for the ‘biggest’ tax cut in US history could be delayed by a year By admin

A new White House proposal that would add $1 trillion to the deficit in just three years could be halted by a “bigger fight,” according to a top congressional aide.

“I think the fight that we’re in right now with Congress on this is the biggest tax cut that President Trump has ever had,” said Rep. Chris Collins (R-NY).

“If we are to win the fight over the next year, I think it’s imperative that we put it on the agenda before we go to war.”

Collins was responding to White House Chief of Staff Reince Priebus, who said the administration has “no plan” to meet with House Democrats in their effort to pass the tax reform plan that President Donald Trump has vowed to sign by the end of the year.

The White House has been negotiating with lawmakers on a budget plan that would raise $1.4 trillion over the decade by repealing the individual mandate and other major tax cuts and by slashing corporate taxes by $1,000 per employee.

Collins said he would support any plan that included an extension of the middle class tax credit, which is currently at $2,000.

He also suggested that Trump could sign the plan into law before Congress leaves town, if it is bipartisan.

While some Republicans oppose an extension, the House Ways and Means Committee chairman, Kevin Brady, said Thursday that he expects the tax cut bill to be passed by the House as soon as next week.

A new Senate plan, which includes a $1-trillion tax cut for corporations and a $300-billion tax cut on the wealthy, was expected to pass this week, but some senators and business leaders are concerned that it will be too little, too late.

Democrats on the House Financial Services Committee are working to block the GOP bill from being sent to the Senate for approval, but the measure is expected to get through without any major changes.

Collins, who has said he will not vote for the bill if it does not include a middle class credit, called on Republicans to bring forward a new bill to pass, “before we have to go into war.”

He added, “The president wants to be president and the president wants us to win.

That’s what we’ve got to do.”

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