Washington insider talks of tax reform
Slotnick said life in
"Everyone is on their toes a little bit more, and we've all come to expect the unexpected," said Slotnick after the presentation. "The president is not a career politician, and in many ways, that's great. But some of the procedural ways things are done he doesn't necessarily agree with, and that's made it harder for him.
"That said, everyone is trying to figure out a way to work with him so we can all be successful."
Slotnick, in his presentation, focused on Trump's work with the 115th
Trump's legislative success or failure, said Slotnick, depends on one's party affiliation -- whether the first 258 days have been successful or they have not been successful.
"The reason why I say this is when you put his accomplishments up there, the president has been able to move 47 bills through congress; 15 Obama-era regulations have been removed from the books; the president was able, of course, to get Justice
"So if you took that in some sort of a vacuum, that's been a good 260 days or so. That's a fair amount of accomplishments for someone that really didn't have a political background to be able to push through in those 260 days. But of course, on the other side, and maybe even within the
Slotnick said the then-president elect and
"Whether you think he's been successful or not, again, we have to remember that if Sec. (Hillary)
Trump has a 52-seat majority in the
Tax reform
Trump is now working on tax reform legislation. The legislation presented lowers the number of tax brackets to three from seven.
There are two options for tax reform for
The Unified Framework revenue neutral option would reduce individual and corporate taxes and offset the loss in revenue by removing almost all of the tax deductions and exclusions. The pitch
The second option would be a 10 year tax cut that reduces individual and corporate tax rates that would keep most deductions/exclusions in place. The Republican pitch for it is economic growth would offset the lower tax rates. However, the plan would add approximately
"Tax reform is hard and just like we saw with efforts to repeal and replace the Affordable Care Act, it's going to be difficult for the
"Since tax reform in many ways will benefit more people directly, I would look for something early 2018. The doubling of the standard deduction will be very beneficial to a majority of Americans. For individuals that itemize their taxes, generally upper income individuals, they're the ones who are really going to have to figure out which deductions go away. But for the average American, this plan, the way it's designed and is being sold is that the average American, middle class American, would get a tax break."
All eyes will be on the mid-term elections in 2018.
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