Trump’s deal with Democrats may make his massive tax cut plan even harder

11 Sep , 2017 Business

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President Donald Trump reached across the aisle on Wednesday and agreed to a deal with Democratic leaders to extend the debt ceiling, fund the government, and provide billions of funds for Hurricane Harvey relief and recovery.

But though the deal avoided a series of looming deadlines with potentially disastrous consequences, it may have also scrambled Trump’s next big economic policy push: tax reform.

The White House is focused on what Trump called “the biggest tax cut in history” and wants legislation passed by the end of the year. But the deal, combined with other extraneous factors, could complicate those plans.

Crushing calendar

The short-term deal leaves little room for error to complete a tax-code overhaul within Trump’s desired timeframe. As Rep. Mark Meadows, the head of the conservative House Freedom Caucus, said at a Bloomberg event on Thursday, the “the enemy is time.”

Even before the deal, the calendar was unforgiving. Now, December will bring a fresh funding fight along with a slew of other battles, including whether to extend taxes under the Affordable Care Act and codifying the Deferred Action fo Childhood Arrivals (DACA) immigration program.

With the formal tax plan not expected until the end of September, that would leave a …read more

Source:: Businessinsider – Finance

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