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President Donald Trump and Republicans were at odds on Wednesday over changing the 401 retirement program to help finance tax cuts, with the president insisting the middle-class favorite will remain untouched and lawmakers open to revisions. Rep. Kevin Brady, the chairman of the House's tax-writing panel, wouldn't rule out changes to the program used by 55 million U.S. workers who hold some $5 trillion in their 401 accounts, a system that has become a touchstone of retirement security for the middle class.
The head of the House tax-writing panel isn't ruling out changes to the 401 retirement program to raise revenue for tax cuts, despite President Donald Trump's promise that the savings plan used by tens of millions of Americans will be untouched. Ways and Means Committee Chairman Rep. Kevin Brady said Wednesday he's discussing the 401 issue with Trump, who has shot down the possibility of changes to the popular program.
President Donald Trump speaks to reporters before boarding Marine One on the South Lawn of the White House in Washington, Wednesday, Oct. 25, 2017, for a short trip to Andrews Air Force Base, Md. and then on to Dallas.
The head of the House's Ways and Means Committee isn't disputing that tax reform will be harder now that President Donald Trump is at war with two members of the rickety GOP Senate majority. But he does want you to know that he and Trump are doing just fine.
Congress is trying to ram through a bill that would reshape the U.S. economy in just a few short weeks, but its leaders have kept the plan shrouded in secrecy and released not a word of legislative text. Sound familiar? The GOP is handling its tax-overhaul rollout in almost the exact way it did Obamacare and hoping for a different result.
President Donald Trump shot down a possible approach for raising revenue to finance tax cuts in politically must-do legislation for the Republicans, promising Monday the popular 401 retirement savings program will be untouched.
As the Senate gets ready to make a major move on tax reform, Republican Sen. Ted Cruz of Texas and independent Sen. Bernie Sanders of Vermont faced off in a CNN town hall debate Wednesday night to discuss efforts to overhaul the tax code. CNN's Jake Tapper, anchor and chief Washington correspondent, and CNN's Dana Bash, chief political correspondent, moderated the debate, which was in Washington.
"We'll be adjusting a little bit over the next few weeks to make it even stronger, but I will tell you it's become very, very popular," Trump told reporters in the Oval Office. Trump didn't say what changes he expected to make in the plan.
In this Aug. 2, 2017, file photo, Ivanka Trump speaks in the Roosevelt Room of the White House in Washington. Trump successfully pushed to get a family-focused tax credit included in the Republican tax overhaul proposal.
Homeowners would be forced to choose between two popular tax deductions - one for local property taxes, the other for mortgage interest - under a potential compromise that House Republicans are considering as they craft the evolving tax revamp. The nearly $6 trillion tax overhaul plan being pushed by President Donald Trump and Republican leaders in Congress promises to retain the deduction of mortgage interest from federal income taxes - a cherished tax break used by about 30 million Americans that supporters say is a catalyst to home ownership.
Republican leaders are already signaling a compromise on plans to erase a nearly $2 trillion break for state and local taxes, backing down in the face of fierce criticism from Democrats and some blue-state Republicans whose constituents would suffer. It marks the first retreat on the tax reform framework that Republican leaders released last week, but a compromise could quell the furor among party holdouts whose support will be critical to a final deal.
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After months of speculation a group of Republican leaders referred to as the "Big Six" this week released a nine-page summary of tax reform objectives titled the "Unified Framework for Fixing Our Broken Tax Code." The framework includes broad descriptions of objectives and does not contain detailed or specific proposals.
Republicans have been riding high since the rollout of a tax framework was judged by themselves as a success. But in reality it's all uphill from here: finding money to pay for the most sweeping rewrite of the tax code in a generation.
President Donald Trump on Wednesday proposed the biggest U.S. tax overhaul in three decades, offering to cut taxes for most Americans but prompting criticism that the plan favors the rich and companies and could add trillions of dollars to the deficit. The proposal, which the Republican president said was aimed at helping working people and creating jobs, faces an uphill battle in Congress with Trump's own party divided and Democrats hostile.
President Trump and top Republicans will promise a package of sweeping tax cuts for companies and individuals, people briefed on the planning said, but the GOP leaders will stop short of labeling many of the tax breaks they hope to strip away, putting off controversial decisions that threaten to sink the party's tax effort. Republicans' "unified" framework, which they will release and promote Wednesday during speeches and meetings, aims to cut taxes by more than $5 trillion over 10 years and recoup more than half of that lost revenue by eliminating numerous tax breaks.
The U.S. House on Monday is set to vote on a package of tax relief provisions designed to help people who have suffered losses from damage associated with hurricanes Harvey, Irma and Maria, also making it easier for others to donate money to charities to help with disaster aid. "My bill specifically helps hurricane victims keep more of their paycheck, deduct more of the cost of their expensive property damage, and have more affordable and immediate access to money they have saved for their retirement," said Rep. Kevin Brady , who heads the tax-writing Ways and Means Committee.