President Trump Plans Massive Tax Cut

Each Monday, tedmag.com will provide a look at the week ahead to what is planned in Washington, D.C. through NAED‘s work in Government Affairs and its partnership with Palmer Schoening, the Chairman of the Family Business Coalition and President of Schoening Strategies.

Schoening reports on Wednesday, April 26, President Trump will propose what is being called the “biggest tax cut ever.”  In an interview with Fox News, the Director of Office Management and Budget Mick Mulvaney said, “I think what you’re going to see on Wednesday is some specific governing principles, some guidance. Also some indication of what the rates are going to be. What you’re going to see on Wednesday is for the first time is, here’s what our principles are, here are some of the ideas that we like, some of the ideas we don’t like and we can talk about that more if you want to. You can either have a small tax cut that’s permanent or a large tax cut that is short-term. I don’t think we decided that. But you’ll know more on Wednesday.”

Also this week, Congress returns from its two-week vacation to see an impending government shut down on Friday.  Schoening believes if Congress does not reach an agreement by Friday, he expects a one-week continuing resolution to keep the government running. But, he adds that he sees “plenty of impediments” including funding for the Wall, Planned Parenthood, and coal miner pension.

Senate Minority Whip Dick Durbin of Illinois says Democrats are ready to work in the House and Senate on a plan to keep the government open.  But, Durbin also delivered a warning by saying, “Don’t try any political stunts. Don’t put any poison pills into this process. Let’s just do the — our responsible, important work of funding this government. We know what this wall is all about. This was a promise made by the President during his campaign. And don’t you remember, he said the Mexicans were going to pay for it? Now we know it’s going to cost $20 billion to $70 billion for this wall.”

Schoening also sees no movement on repealing and replacing the Affordable Care Act this week.  He believes House Speaker Paul Ryan and Senate Majority Leader Mitch McConnell will focus on avoiding the shut down for now.