Trump's tax plan has aggressive timeline but no details

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"And we are now confident that, without transitioning to a new domestic consumption-based tax system, there is a viable approach for ensuring a level playing field between American and foreign companies and workers, while protecting American jobs and the USA tax base", members of Congress and the Trump Administration said. The letter identifies three basic demands: any tax legislation should be drafted under the regular bipartisan committee process; the legislation should deliver relief to middle-class families without tax cuts for the rich; and any tax changes should include at least as much revenue as is collected today.

"In terms of travel, I think you will see him out there more.in the states where we need votes", said Marc Short, the White House's legislative liaison.

The congressional tax-writing committees are expected to develop and draft the tax reform bill after the Labor Day which falls on September 4 this year, White House Director of Legislative Affairs Marc Short announced at an event in presence of Treasury Secretary Steven Mnuchin at the Newseum, an interactive museum in Washington, D.C.

Added Schumer: "From what we've heard from the White House so far, their plan wouldn't do any of that".

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Mr. Short said that carve-outs for retirement income are also part of the conversation, though the White House said earlier this year that retirement savings would be protected under their plan.

House Speaker Paul Ryan's website notes that the overarching goal of tax reform is more important than any single policy, such as the BAT. A major tax revamp hasn't been passed in more than three decades, and the Trump administration is under pressure after another legislative effort - repealing and replacing the 2010 health-care legislation - has produced no results.

As they move on from a failed push to overturn Obamacare to an overhaul of the tax code, Republicans are increasingly trapped by the budget math, with their desire for big across-the-board tax rate cuts constrained by lawmakers' inability to pay for them. The lower rate would also apply to small businesses now taxed as individuals, which often face a top rate of close to 50 percent.

The White House is prepared for a long battle to pass tax reform this fall after setting an "aggressive schedule", an official said on Monday.

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"We're going to broaden the base so as we bring down the rate to a competitive level, we're going to get rid of lots of deductions, and we're going to make sure that companies reach economic decisions that are good for Americans and that are good and competitive and fair", Mnuchin said.

About 50 protesters demonstrated outside the AFP event where Mnuchin and Short spoke. "I think they are excited for tax reform as well".

"It would be kind of miraculous if we could get it down to 25 percent or less", Hatch said in a recent interview with Reuters. "Tax reform can not be a cover story for delivering tax cuts to the wealthiest".

House GOP leaders have proposed axing the deduction for state and local income taxes paid, but have run into opposition from Republicans from higher-tax blue states such as NY and New Jersey. In addition, Short noted that the border-adjustment tax, which levies a 20 percent tax on imports, would be removed from the table.

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