Trump Tempers Tax Reform Timing Expectations
President Trump and Senate Majority Leader Mitch McConnell, at an October 16th White House news conference, acknowledged that the tax code rewrite may not occur by year’s end, though the goal remains to accomplish reform in 2017. With the release of a detailed tax plan still pending, Republicans are faced with disputes regarding how to tax corporations, the fate of the estate tax, and how to pay for the reform plan, as well as an interparty struggle over the proposed repeal of the state and local tax deduction. Speaker Paul Ryan, however, remains optimistic, predicting the House will pass its version of the reform bill by early November, leaving time for the Senate to progress the bill and Trump to sign it prior to 2018.
Trump, McConnell: Republican tax plan could bleed into next year