The Latest: Trump on taxes, wants lower corporate tax rate
Sep. 13, 2017
WASHINGTON (AP) — The Latest on Congress and Republican efforts to overhaul taxes (all times local):
President Donald Trump says he'd still like to see the corporate tax rate reduced to 15 percent as he tries to sell lawmakers on his broad tax reform goals.
Trump tells reporters during a meeting with moderate lawmakers from both parties at the White House Wednesday that he's still pushing for a 15 percent rate for businesses and would like to see a rate "much lower than that for individuals."
As for the wealthy, Trump says that "the rich will not be gaining at all with his plan."
He says the wealthy "will be pretty much where they are" and "if they have to go higher, they'll go higher, frankly."
He says his primary concerns are the middle class and passing a plan that may boost jobs.
House Speaker Paul Ryan says the White House and congressional Republicans will release an outline of their tax overhaul plan by the end of the month.
Ryan said Wednesday that after the tax draft is released the week of Sept. 25 a detailed version will be readied in hopes of action by the House later this fall.
Many GOP lawmakers are hungry for details about the upcoming tax plan.
Republicans must agree upon a companion budget plan if the tax effort is to get off the ground.
A Democratic senator says President Donald Trump stressed to a group of senators at the White House that his tax overhaul wouldn't mean tax cuts for the rich.
Sen. Joe Manchin of West Virginia was among a group of Democratic and Republican senators that talked taxes with Trump at the White House Tuesday. Speaking on MSNBC's "Morning Joe" Wednesday, Manchin says Trump will focus on tax cuts for the middle class.
The tax overhaul principles Republicans have put forth envision slashes in the corporate tax rate and individual tax rates. The White House hasn't provided specifics.
Manchin says he does not expect the plan would target popular tax deductions for mortgage interest and charitable giving.
Sen. John Thune, the No. 3 Senate Republican, said on MSNBC that Trump is making a bipartisan appeal and "realizes that doing things is better if you have bipartisan support."
The White House says President Donald Trump's dinner with Republican and Democratic senators to talk taxes was "highly productive" and will "spur constructive discussion."
Trump met Tuesday with Democratic Sens. Joe Manchin of West Virginia, Heidi Heitkamp of North Dakota and Joe Donnelly of Indiana, as well as Republican Sens. John Thune of North Dakota, Pat Toomey of Pennsylvania and Orrin Hatch, of Utah.
In a statement Wednesday, the White House says Trump asked them to "help deliver tax cuts for American families."
Manchin, Heitkamp and Donnelly are the only Democratic senators who did not sign a letter addressed to Republican leaders and Trump. The letter said the Democratic caucus would not support a tax overhaul that cuts taxes for the "top 1 percent" or adds to the government's $20 trillion debt.
President Donald Trump is pushing lawmakers to "move fast" on a tax overhaul.
On Twitter Wednesday, Trump says: "The approval process for the biggest Tax Cut & Tax Reform package in the history of our country will soon begin. Move fast Congress!"
Trump had dinner Tuesday with a group of Republican and Democratic senators to talk taxes. The push to overhaul the tax code is a top priority for Trump and Republicans after their effort on health care failed.
Trump has been pushing for changes to the tax code to cut corporate and individual rates and simplify the system, but has offered few specifics.
White House legislative director Marc Short said Tuesday that principles for the tax overhaul will be released "in a matter of days, not weeks."