Part of the problem is policymakers had expected revenue savings from the Obamacare repeal would partly offset planned tax cuts. During his campaign, Trump had promised to slash the corporate tax rate from 35 percent to 15 percent, but Mnuchin did not specifically reaffirm that commitment on Friday, mentioning only a much lower corporate tax rate. To make up for the revenue loss from a corporate tax cut, Ryan is supporting a border adjustment tax. Senator Chuck Schumer, the leader of the Democrats in the Senate, said regressive tax cuts were a no-go. If tax cuts favor “the middle class and the poor… we could work with them,” Schumer said.

Source: Manila Times March 28, 2017 01:52 UTC