Trump Says He'll Adjust His Tax Plan in the Next Few Weeks




  • In Tech
  • 2017-10-10 16:04:49Z
  • By Justin Sink
Trump Says He
Trump Says He'll Adjust His Tax Plan in the Next Few Weeks  

President Donald Trump said Tuesday he plans to make changes to his tax plan within the next few weeks.

"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. The framework that Trump and GOP congressional leaders released last month has been criticized for adding to the budget deficit and independent analysts suggest that it would raise taxes for 30 percent of people making between $50,000 and $150,000 per year.

The president brushed aside concerns his feud with Republican Senator Bob Corker risks unraveling the White House effort to overhaul the tax code.

"I don't think so. I think we're well on the way," Trump said at the beginning of a meeting with Henry Kissinger. "People want to see tax cuts. They want to see major reductions in their taxes and they want to see tax reform. And that's what we're doing."

Republicans have only a narrow majority in the Senate, and Trump's decision to go on the attack against Corker sparked immediate concern among supporters of the tax overhaul effort that the president's insults also could alienate other key lawmakers. He's previously lashed out publicly at Senate Majority Leader Mitch McConnell and Arizona Senator John McCain.

Over the weekend, Trump took to Twitter to label Corker a "negative voice" standing in the way of his agenda. He also claimed Corker had begged for an endorsement and decided to retire when Trump refused.

Corker's office denied that conversation occurred, and he punched back on Twitter, saying the White House had become "an adult day care center. Someone obviously missed their shift this morning." In a subsequent New York Times interview, he declined to say whether he believed Trump was fit for office and suggested the president could drive the U.S. into a third world war.

Trump continued needling Corker on Tuesday, saying on Twitter the senator sounded like a "fool" when audio of the exchange was released by the newspaper. He referred to Corker, who is 65 and has served more than a decade in the Senate, as "Liddle' Bob Corker," reprising his use of derisive nicknames for foes.

The White House and congressional leaders last month released a framework for legislation that would cut the corporate tax rate to 20 percent from 35 percent. Pass-through business income, such as that earned by partnerships and limited liability companies, would be taxed at a top rate of 25 percent, down from 39.6 percent.

The framework would also condense the existing seven individual income tax brackets to three and cut the top individual rate to 35 percent from 39.6 percent. But Congress would have the option to create a fourth tax bracket at a higher rate for top earners.

Many details remain unclear -- including where the income thresholds for the new brackets would be set. Nonetheless, relying on details from a previous House Republican plan, independent analyses have found that the framework might mean a tax increase for some middle-income taxpayers and would provide disproportionate benefits for top earners and the wealthy.

Republican leaders have heaped criticism on those analyses; House Ways and Means Chairman Kevin Brady called one of them "a work of fiction that Stephen King would've been proud of."

Updates with Trump comments on Corker feud, details on tax plan.

Read Trump Says He'll Adjust His Tax Plan in the Next Few Weeks on bloombergpolitics.com

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