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Wednesday, April 26, 2017

Watch Live: Steven Mnuchin Gives Sneak Peak Of Trump's Tax Reform Plan

All the latest: Tax reform, shutdown, protectionism & Fed buzz
  • To keep the Administration tax reform priorities live amid Congressional budget shutdown aversion negotiations, President Trump has signaled the release of a preview of the pending June OMB budget, this Wednesday. That means tax reform details.
  • There is no set time for President Trump’s announcement. Spicer did not commit to timing during the daily White House briefing but there’s been a chorus of warnings:
    • Spicer said: “And so we will continue to engage in that discussion and outside stakeholders to try to get a plan really put together and details laid out in the next several weeks once we make the announcement tomorrow.”
    • Mulvaney says budget with detailed scoring still is projected for release in June, but the White House will focus upon “principles, ideas, and [tax] rates” for Wednesday.
    • Senate Majority Lead Mitch McConnell has provided similar sentiments, saying that reform rumors “not worth anything at this point.” He favors treating all businesses “similarly” when it comes to tax reform and says it’s clear Congress will need to use a reconciliation vehicle for tax reform.
    • “We will be disappointed on Wednesday when we see that this is the big announcement,” one lobbyist told Politico. “They should not be building this up for a big nothing burger.”

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