President Donald Trump and the Republican Congress tripped up in their first major legislative effort together, a failed bill to replace the Affordable Care Act.
House Speaker Paul Ryan aimed to show on Wednesday that the two branches will be unified on tax reform. Ryan said he does not think Trump is overstepping by releasing a tax proposal Wednesday, adding that Congress and the White House are working to reach consensus on a plan.
“Basically, [the White House plan] is along the same lines we want to go,” Ryan told reporters at a news conference with House GOP leaders.
Treasury Secretary Steven Mnuchin confirmed earlier Wednesday that the tax plan the Trump administration will outline Wednesday afternoon will call for a 15 percent corporate rate.
Earlier Wednesday, Reuters reported that Ryan saw a preview of the plan and said the House is in “80 percent agreement.”
Mnuchin said the White House wants a “combined plan” with the House and Senate, which could potentially clash with the administration over some provisions.
via CNBC
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Latest posts by Alfonso Esparza (see all)
- Market Rally Still Going Low Holiday Volumes Awaiting Start of 2020 - 27 December 2019
- Market Awaits China Retaliation on Trade - 29 November 2019
- Alibaba to Close Order Book Ahead of Huge IPO - 18 November 2019