The Hill: ‘This Is Why We Can’t Get Enough of Donald Trump’
The Hill’s Morning Report – Week of December 5, 2018 10:53:15 Congress: ‘We can’t get enough of Donald J. Trump.’
| President Trump’s first big legislative victory was his tax overhaul.
Now he’s expected to sign the first big law of his presidency — an overhaul that is sure to ignite a national debate on whether the president’s agenda is working.
The Senate will vote on the legislation, which the House has not yet acted on.
| President Donald Trump’s tax overhaul is expected to be passed Thursday.
| The White House announced the plan, which was described as the largest-ever overhaul of the U.S. tax code, on Wednesday.
| Trump signed the plan into law Thursday morning.
| White House spokesman Josh Earnest said Trump had signed the bill as part of a series of executive orders, and that the legislation would be “executed as the president has said it will be.”
| Earnest pointed to the president tweeting that “we’re going to get it done,” but added that Trump had “made clear that he wants the bill to pass as quickly as possible.”
| The Associated Press | ‘No new taxes, no new regulations’ | President Obama’s administration, led by Treasury Secretary Steven Mnuchin, is looking for ways to slow the growth of the deficit and tax revenues.
| Mnuchin said the president was seeking ways to avoid adding new taxes and regulations that are expected to take effect in 2018.
| Obama administration officials have urged Congress to pass tax reform as quickly and as thoroughly as possible.
| Officials are reviewing how the president can cut taxes and cut regulations and could consider how to set up an infrastructure bank.
| In addition to tax reform, Mnuchin’s administration has proposed new rules for the health care industry, an overhaul of tax code rules for individuals and small businesses, and a measure to allow Americans to buy health insurance across state lines.
| A key element of the president and Mnuchin is his push for tax reform to reduce the deficit, and they are working to create a blueprint that would reduce the country’s debt, according to a White House official.
| There is a wide variety of tax policy proposals in the works.
But Mnuchin and Obama have been working closely together to find ways to balance the budget, the White House said.
| Treasury Secretary Steve Mnuchin.
| Senate Finance Committee Chairman Ron Wyden (D-Ore.).
| Mnutto, who is working with the White Senate Office, has also said he wants to be able to get tax reform passed with just two Republicans — Trump and Senate Minority Leader Mitch McConnell (R-Ky.).
| The president has expressed skepticism about a plan that would eliminate tax deductions for some families and some high-income earners.
| He also has said he supports eliminating a corporate tax rate that currently applies to investment income, which Mnuchin has said is too high.
| Still, Republicans are not expected to support a tax overhaul that lowers rates for high-earners.
| They are also opposed to a plan to eliminate a $10,000 corporate deduction.
| Democrats are also critical of the plan.
| On the other hand, the tax overhaul has a big advantage over any other legislation in terms of how it is structured.
The tax plan is set to be the biggest legislative win for the president in a generation, according in part to the White Street Journal, which has been closely following the tax process.
| It will be the largest tax overhaul in U.N. history.
| This is a big win for Trump and Mnutts political career, White Street said.
“This is the biggest win in U.,N.
It’s an important victory for him.
This is going to be his biggest legislative victory in a long time.”
| President Harry Truman, in his farewell address on Dec. 5, 1945, called the tax law the biggest single achievement of his administration.
| Today, it is expected that the president will sign his tax bill into law.
| ‘This is why we can’t keep putting our hope for a brighter future in the past’ | Donald Trump said Wednesday that he will not support a bill that increases taxes on people who have been collecting Social Security and Medicare benefits.
| While he has pledged to cut taxes for high earners, Trump has also promised to cut tax rates for people who earn less than $250,000.
| Republicans, who have long been skeptical of a tax bill that lowers taxes on the wealthy, will not be satisfied with this tax plan, according Mnuchin told The Hill.
| Congressional leaders and the Whitehouse are working on an overhaul to the tax code.
| As part of the negotiations, the two sides are expected work on a tax reform blueprint that could lower the deficit by $1 trillion over the next decade, according a White Hill official.