Despite Trump’s plans for lower tax rates having been around for quite some time now, it is still unclear as to how exactly the taxes will be revised. The U.S. Treasury Secretary, Steven Mnuchin, doubts that the President’s plans for a revised tax rate to lower it to 15% may never be realized at all. On one hand, there is the ambiguity of the entire plan. On the other, Mncuchin believes that the many different things that have to be considered for the tax revision will just complicate decisions so much that it may just not be practical – not anytime soon anyway.On the 12th of September, Trump met with six US Senators to discuss the revision of taxes – including three from his rival Democrat party. However, despite the efforts that Trump has been putting into getting Americans on board with his plans, neither he, nor does his party have any concrete plans to take things forward. “I don’t know if we’ll be able to achieve that, given the budget issues, but we’re going to get this down to a very competitive level”, Mnuchin said of the plan to reduce taxes while addressing a conference in New York.
Plan of action unclear
One of the major concerns raised in regard to the proposed revision of taxes is the additional burden that it will place on the Federal Budget. Fears that there will be more debt is due to the additional stress of the Federal Budget that have not yet been addressed and it is still unclear as to how the Trump Government will reconcile the tax revision proposal to overcoming this fear. As of now, it is not even clear how deeply the taxes will be cut for businesses and individuals.
Trump ready to work with Democrats
Interestingly, Republicans in the Congress have been trying to address the issue of taxes without getting Democrats on board all this while. As such, Trump’s invitation of three Democrats to dinner at the White House is very indicative of the President’s willingness to be open to discussion with even opposing party members, which again underlines how seriously he is considering lowering the taxes.
The Democrats themselves seem willing to work with Trump to realize his plan. “We must do this without adding to our staggering debt”, says West Virginia Democrat Joe Manchin, while affirming that he himself is fully in favor of pushing for a reduction of taxes in the US.