Barring a return to the majority of our history, income tax-free, a tax cut (any tax cut) still sounds good.
Treasury Secretary Steven Mnuchin said Tuesday the Trump administration is considering backdating tax reform to the start of this year to boost the economy.
Backdating “is still something we are considering and it would be a big boon for the economy,” he said at the Delivering Alpha conference presented by CNBC and Institutional Investor.
Republicans aim to overhaul the American tax code but have faced various hurdles in their goal of passing a tax reform bill this year. Congress and the White House have not yet released a plan but are working this month to prepare legislation. Mnuchin heads to Capitol Hill on Tuesday to discuss tax policy with GOP congressional leaders, the latest in a series of meetings.
Earlier Tuesday, Mnuchin insisted that a tax overhaul would happen this year.
“We’re going to get this done by the end of the year,” Mnuchin told CNBC, adding that the administration is “super focused” on the goal following the three-month debt limit and government funding extension passed last week.
The Senate Finance Committee will hold a hearing on Thursday on individual tax reform. Sen. Orrin Hatch, the committee’s chairman and one of the six primary tax negotiators, said he expects to share the plan with other lawmakers after that and other hearings.
President Donald Trump urged lawmakers last week to push forward with tax legislation “ASAP,” telling them not to wait until the end of September. Tax reform is one of the key planks of the agenda he pitched as a candidate, and he has made two recent speeches touting the benefits of changes to the tax system without offering new details.
Great. I think the biggest of those various GOP hurdles this year has been the hurdle of the GOP itself. Maybe Trump should enlist the Dems’ help. Whatever works.
I like my idea the best – big government proponents should too. By killing the 16A, the entire tax code, and the IRS, no money will be lost at all. In fact, we may be approaching the magical point of unlimited (free) government budgets! This is because Congress will soon remove any pretense of a debt “ceiling.” The whole bunch (D’s and R’s and the President) call for essentially endless and limitless debt.
And why not? Why not fund the government completely with IOUs? They’re never going to be repaid anyway. It makes perverse sense. Everyone, every single big government lover of any stripe, could get his pet project funded to the moon. And everyone else would keep their cash!
No … that game would not last forever. None does.
Okay, okay. Cut this year. Repeal next year. Forever never comes.