Breaking News
Ad-Free Version. Upgrade your experience. Save up to 40% More details

House speaker, Trump aides vow tax reform by end of 2017

PoliticsJun 20, 2017 05:20PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters. Speaker of the House Paul Ryan introduces his new tax policy at the National Association of Manufacturers Summit in Washington

By David Morgan

WASHINGTON (Reuters) - Top Republicans from Congress and the Trump administration vowed on Tuesday to complete tax reform by the end of 2017, despite party infighting and political distractions from investigations of alleged Russian meddling in the 2016 election.

In a speech to U.S. manufacturers, House of Representatives Speaker Paul Ryan said President Donald Trump and the Republican-controlled Congress hoped to complete the job in the autumn, with a new tax system in place by the beginning of 2018.

The goal is to get tax legislation to the floor of Congress during the first two weeks of September, Trump economic adviser Gary Cohn told technology industry representatives at the White House.

Republicans are promising the biggest tax overhaul since the Reagan era, saying a simplified system with tax cuts for individuals and businesses, along with reforms to eliminate taxes on the foreign profits of U.S. corporations, can boost economic growth and create jobs.

Independent analysts say there is no evidence that tax cuts drive long-term economic growth. Democrats contend that the Republican tax measures are designed to benefit wealthier Americans.

"I am here to tell you we are going to get this done in 2017. Why are we going to get this done in 2017? Because we need to get this done in 2017," Ryan told a conference hosted by the National Association of Manufacturers, a powerful Washington lobby group.

"This will create jobs. That is what this is all about, jobs, jobs, jobs, good-paying jobs," he said.

The effort has drawn warnings and criticism from Democrats. Senate Democratic leader Chuck Schumer said Republican moves to grant new tax breaks to the wealthy could jeopardize Democratic support for an increase in the government's borrowing authority later this year.

Shortly after Ryan's speech, House Democratic leader Nancy Pelosi's office called his remarks “a poor attempt to distract” from a lack of Republican initiatives on job creation.


The Trump administration and Republicans in Congress face mounting pressure from U.S. businesses and their electoral base to deliver tax reform, a top 2016 campaign pledge that could determine whether Republicans retain control of Congress in the 2018 midterm elections.

It was not clear whether Republicans can overcome infighting over healthcare legislation and government spending to move forward on tax reform.

Earlier in the day, Vice President Mike Pence assured the same audience that tax reform would be done this year, in remarks echoed by Treasury Secretary Steven Mnuchin in a CNBC television interview.

Ryan and Mnuchin are among six officials trying to craft a tax deal in closed-door discussions with Cohn, Senate Republican leader Mitch McConnell and the Republican chairmen of two tax committees.

“We’re comparing and contrasting various versions of reform to get the best possible one that gives us the lowest possible rates and most internationally competitive tax system, and the best one we can pass," Ryan told CNBC after his speech.

The Nasdaq Composite (IXIC) is up nearly 20 percent while the S&P 500 (SPX) has added 14 percent since Trump's election in November, as investors bet he would spark economic growth by cutting taxes and boosting infrastructure spending.

The Trump administration and Republican leaders in Congress have agreed that tax reform should eliminate estate and alternative minimum taxes, both levies on the wealthy. They also want to allow U.S. corporations to repatriate trillions of dollars in profits held overseas at a reduced tax rate and eliminate taxes on future foreign profits.

House speaker, Trump aides vow tax reform by end of 2017

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email