Tax overhaul by President Trump and Republican lawmakers

Richard and Kate publish this essay to outline Treasury Secretary Steven Mnuchin's efforts

to produce a tax rewrite supported by both President Trump and Republican lawmakers. It gets even more interesting because Mr. Mnuchin is in charge of fiscal policy despite having less political experience than his former Treasury predecessors. And a schism between President Trump and an irritated Congress, which he is striving to overcome in order to deliver on the President's Party's promise of a simpler tax code with lower rates.

Tax reforms have not occurred in the United States since 1986

because they influence practically every part of the economy and are extremely complicated. But before that can happen, Congress has to first agree on a fiscal 2018 budget which would give a smooth transition for tax changes that wouldn't even require Democratic support. A deal has so far been reached by the Senate panel that would allow tax cuts running over a decade of up to $1.5 trillion (Richard Rubin, 2017).

After which the next plan will be to release a Republican blueprint

that is expected to benefit both individuals and businesses by calling for tax rates that are lower. The White House went on to put an end to the federal estate tax thus slashing the corporate tax rate from 35 percent to 15 percent. After lengthy and vigorous discussions Mr. Mnuchin and a team of six senior policy makers agreed to tax imports but exempt exports (Richard Rubin, 2017). The administration also deliberated on a big tax break they would get rid of which is the deduction for local and state income taxes. These moves gave them clear indicators and hoped that by the end of the year a tax overhaul would have been achieved.


Richard Rubin, & Davidson Kate. (2017, September 25). Politics. Retrieved from Wall Street Journal:

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