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Back to scratch on tax reform

14 April 2017

Trump explained his new strategy during a Wednesday interview with Fox Business, though he left open the possibility that he would shift gears again. Mr. Trump and congressional Republicans say they haven't given up and are still working to assemble the votes needed to overturn major pieces of former President Barack Obama's Affordable Care Act.

Now that Americans are getting into crunch time with filing their taxes, it's important to remember what's usually supposed to happen in early April.

Trump also wants to streamline the income tax system, cut federal regulations, reduce corporate income tax and add new taxes to prod companies to keep or move production to the United States.

Although tax reform is critical to economic growth and businesses large and small, the president said "hundreds and hundreds of millions of dollars" would be saved on reforming the health care, which would help with tax reform.

The biggest fear among Democrats who support linking infrastructure and taxes is that a standalone tax overhaul will use up all the money from repatriation, thus taking one of the preferred transportation funding tools off the table. "I think other members of different points of view are beginning to figure that out".

America's Health Insurance Plans, the American Medical Association, Blue Cross Blue Shield Association and the American Academy of Family Physicians were among eight organizations that penned a letter to Trump.

Trump, House Speaker Paul Ryan (R-Wis.) and other high-profile critics of Obamacare have been arguing for years that its private insurance markets are collapsing. "It would be fair for you to report that there has been no policy change in the current administration", a Trump official told CNNMoney on April 4.

Either way, whether the president realizes this or not, the same problems that derailed his health care bill last month haven't gone away - and nearly certainly won't go away.

Trump is threatening the health care coverage of tens of millions of Americans, along with wrecking the entire health insurance market because he is mad that Democrats won't go along with his plan to kill the ACA and replace it with a plan that would throw 24 million people off their coverage. Since the country "imports more than it exports" we now have a trade deficit.

And that's the gripe of the Freedom Caucus.

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He said the alternative to the Fair Tax is a lot more audits. "The only way we can have comparable intensity on our side in an off-year election is actually deliver and do some things".

So a carbon tax could be a politically useful way to find some revenue, possibly bring Democrats on board, and make Trump's approach to climate change look less appalling.

"We're going to have a phenomenal tax reform, but I have to do healthcare first", President Trump said. Discarding the BAT is hard, however, because the $US1 trillion ($1.33 trillion) it was expected to raise over a decade would have helped pay for corporate and individual tax cuts.

-A sweeping tax-reform plan with huge cuts in tax rates balanced by elimination of special-interest tax advantages, plus a massive infrastructure-spending bill.

And on infrastructure, the White House is still designing how to pay for the $1 trillion package while also determining whether to package the effort with something else.

The White House has not officially commented on any plan, but said in a statement but said a value-added tax based on consumption is not under consideration "as of now".

Likewise, the promised overhaul of the tax code seems to be crumbling along schisms within the Republican and conservative circles.

Trump and top aides crafted a tax overhaul package during the campaign, but it is being rewritten now, and many details are unclear. The border adjustment tax would essentially raise taxes on imports but create incentives for exports, something top Republicans believe will encourage more USA investment. Brady has suggested a border adjustment tax, which has received backlash from his colleagues in the House and the Senate. What's more, the White House is planning to sell Trump's first 100 days as a success in part by emphasizing his alleged draining of the swamp in Washington, which will be crying out for a major reality check, and this could help in that regard. "I have my own feelings".

"When you say reciprocal tax, nobody can get angry", he said.