Trump's tax reform plan promised, but details could be elusive

Top officials here are keen to downplay the risks for Ireland, however, including most recently Michael Noonan. One element of this is the requirement that the tax reform does not add to the deficit beyond a 10-year window, implying the tax rate cut would have to be only temporary and assuming it is not offset by other revenue-raising measures.

Stock futures put a recent earnings rally on pause on Wednesday ahead of an expected announcement from the Trump administration on taxes. It would make America more competitive and redirect resources more efficiently.

The tax plan proposed by House Republicans would reduce the number of individual tax brackets to three. Mnuchin said the change for small business owners - a group that under the current definition could include doctors, lawyers and even major real estate companies - would be done in a way that would ensure wealthier Americans could not exploit the change to pay less than intentioned in taxes.

However, Short added, "I don't see this sliding into 2018". He'll seek a corporate tax rate reduction, but will abandon a so-called border adjustment tax included in a plan released by House Republicans previous year, according to details of the plan reported in the press prior to Trump's announcement. Any changes in the tax code must be approved by Congress, which has a Republican majority in both chambers.Democratic Senator Debbie Stabenow, a member of the Senate tax panel, was skeptical about the Trump plan.

MITCH MCCONNELL: I look forward to more productive conversation with Senators, our house colleagues in the White House so that we can get this important work done quite soon. "The rate reduction - which independent budget experts say could cost the federal government $2.4 trillion over a decade - is larger than what House Republicans had proposed in their own plan".

Treasury Secretary Steven Mnuchin and other Trump officials said they plan to finance tax reform with economic growth of up to 3% annually. "The plan will pay for itself with growth", Mr. Mnuchin said, claiming that the Trump economic program could goose the economy so much that the government would recoup almost $2 trillion over 10 years.

A 15 per cent rate, down from the current 35 per cent, would represent a massive tax cut which would delight U.S. businesses.

Lawmakers were waiting to see whether Trump will include items that could attract Democratic votes, such as a proposal to fund infrastructure spending or a child-care tax credit as proposed by his daughter Ivanka.

Trump dispatched his top lieutenants to Capitol Hill Tuesday evening to discuss his plan with Republican leaders.

Afterward, Hatch called it, "a preliminary meeting". In fact, some GOP aides suggest that the White House - with its emphasis on tax cuts and few details on how they'd be paid for - is not constructively contributing to a serious discussion of tax reform.

Trump has struggled to advance his domestic agenda, including taxes. The new tax rates would be 10 percent, 25 percent and 35 percent.

-No BAT, man: Part of how House Speaker Paul Ryan wanted to pay for this (and it would still only be part) was through what's formally called a border-adjustment tax, or BAT.

"I'm not convinced that cutting taxes is necessarily going to blow a hole in the deficit; I actually believe it could stimulate the economy and get the economy moving", Hatch said. "Maybe he's just trying to be very generous to his business supporters and give them a bigger break than House Republicans are offering".