Portions of a tax reform effort were unveiled Wednesday by President Donald Trump and GOP congressional leaders, including lower taxes on corporate profits, incentives for business investment, fewer and lower individual income tax brackets and the end of estate taxes, with the goal of boosting economic growth and benefiting middle-income families.
House Speaker Paul Ryan (R-Wis.) said, "For all of us, this is a now or never moment.” Senate Majority Leader Mitch McConnell (-Ky.) summarized the GOP quest: "This is about getting America going again, and growing again."
Summing up the GOP challenge: Congress hasn’t overhauled the tax system in such an ambitious manner since 1986. “If we can’t get this done, then frankly what can we do?” Rep. Mario Diaz-Balart (R-Fla.) said.
The tax cut for business investment, if approved by Congress, would be retroactive to Wednesday, Sept. 27, but most of the other changes wouldn’t be retroactive, a senior administration official said.
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