Politics Flush Over Tax Cuts, Trump Says ‘Phase 2’ Is Coming

01:40  15 march  2018
01:40  15 march  2018 Source:   nytimes.com

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“It’s going to be something very special,” President Trump , with Treasury Secretary Steven Mnuchin, said of his tax cut plans.Credit Doug Mills/The New York Times.

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Donald J. Trump wearing a suit and tie: “It’s going to be something very special,” President Trump, with Treasury Secretary Steven Mnuchin, said of his tax cut plans. © Doug Mills/The New York Times “It’s going to be something very special,” President Trump, with Treasury Secretary Steven Mnuchin, said of his tax cut plans.

ST. LOUIS — Amid all the turmoil and uncertainty, with his White House seemingly fraying, his legislative agenda stalled and his electoral base in danger, President Trump these days finds one area of comfort: talking about his tax cuts. He finds it so reassuring, in fact, that he is increasingly talking about doing it all over again.

Mr. Trump came here to red-state Middle America on Wednesday to promote the economic benefits of the $1.5 trillion in tax breaks he signed in December, surrounding himself with workers and business owners who celebrated the prospect of more money in their pockets. As he basked in the praise, the president promised that he was not done.

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“We’re now going for a Phase 2,” he told a selected group of supporters at a Boeing factory in St. Louis. He did not describe what would be in such a Phase 2 but said he would team up with Representative Kevin Brady, Republican of Texas and chairman of the House Ways and Means Committee. “It’s going to be something very special. Kevin Brady’s working on it with me.”

Mr. Brady said earlier in the day that he hoped to pass another tax-cutting bill by the end of the year. “We’re really encouraged,” he said on Fox Business Network. “Mainstream optimism is at record levels. Our economy is really gaining momentum and booming in a big way. But look, we think even more can be done. We want to make sure that we’re encouraging innovation in America. We want to help families save for the long term.”

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President Donald Trump said again Monday he wants a “ phase two ” of tax cuts on top of the law Republicans passed in December. Speaking as the World Series champion Houston Astros visited the White House, Trump asked Rep. Kevin Brady, R-Texas, whether he planned to cut taxes further.

What Mr. Trump and Mr. Brady appear to be talking about, however, may be more of a branding exercise than a major legislative effort that stands any chance of becoming law this year.

The effort they are calling “Phase 2” appears to unify two lingering problems from the tax cut bill that Republicans sped through Congress late last year. In both cases, fixing them would require support from Senate Democrats, who are not inclined to lend any backing to a tax bill that they opposed and that was passed over their objections.

One problem is that tax cuts for individuals are set to expire at the end of 2025. That is a byproduct of the budget reconciliation process that Republicans employed to pass the bill without Democratic support. To comply with rules against increasing budget deficits after 10 years, Republicans made the individual cuts temporary.

Mr. Brady alluded to that on Wednesday. “While the tax cuts for families were long term, they’re not yet permanent,” he said. “So we’re going to address issues like that, and we’re in discussions with the White House, with the president about this issue.”

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President Trump suggests that a second phase to the GOP tax cut could be on the way. Diane Black (R-Tenn.) says the House Ways and Means Committee is open to discussion on perfecting the tax Trump : More tax cuts to come - Продолжительность: 5:45 Fox Business 4 887 просмотров.

27, Trump said , with familiar hyperbole, that he was aiming for the “largest tax cuts in our country’s history. Our current tax system is a colossal barrier standing in the way of America’s The company’s 2 Q20 revenues reflect this success; coming in at .9 billion, they were up 40% year- over -year.

A second issue, which Mr. Brady also addressed, is the host of legislative ambiguities and hiccups that companies and accountants have discovered in the law since it was passed. Those include the so-called grain glitch, which inadvertently gave an advantage to agricultural cooperatives over other, independent businesses that farmers might sell to, and a provision that diminishes the tax benefits from renovating restaurants.

Senate leaders have discussed fixing the grain glitch in a coming spending bill. But a Republican Senate aide said there was little optimism for Congress pushing another stand-alone tax package this year.

Mr. Trump’s interest in repeating his tax cut success may not be surprising given the validation he received at the Boeing plant here. Bonnie Brazzeal, who works in the cafeteria at the College of the Ozarks, choked up when she told the president that she received a bonus from her employer as a result of the tax cut.

“I am very grateful for the bonus when the college gave it to us,” Ms. Brazzeal said. “I put mine in my savings for retirement.” She then wiped away tears.

Dennis A. Muilenburg, Boeing’s chief executive, attributed the company’s strong performance to Mr. Trump. “What you see is your leadership on tax reform and creating jobs,” Mr. Muilenburg said. “There’s no place that’s more evident than the factories of America, and you can see it here.”

Mr. Trump said that when it came to the economy, there was more to come. “I don’t see any downward movement,” he said. “I see just up.”

Follow Peter Baker and Jim Tankersley on Twitter: @peterbakernyt and @jimtankersley.

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With passage of an enormous budget bill, the GOP-controlled Congress all but wrapped up its legislating for the year. In two big ways, Republicans have done what they promised. They passed a long sought tax overhaul bill that slashed tax rates. They've rolled back regulations, in ways they claim are boosting the economy.

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