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Trump and taxes: Back to drawing board, seeks GOP consensus

5 years 11 months 1 week ago Monday, April 10 2017 Apr 10, 2017 April 10, 2017 7:00 AM April 10, 2017 in News
Source: Associated Press

WASHINGTON - President Donald Trump is going back to the drawing board. He has scrapped the tax plan he campaigned on and is searching for Republican consensus behind legislation to overhaul the U.S. tax system.

The administration's first attempt to write legislation is in its early stages and the White House has kept much of it under wraps.

But it has already resulted in consideration of a series of unorthodox proposals including a drastic cut to the payroll tax, aimed at appealing to Democrats.

Some view the search for new options as a result of Trump's refusal to set clear parameters for his plan and his exceedingly challenging endgame: reducing tax rates enough to spur faster growth without blowing up the budget deficit.

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