With the nation's attention fixed on the Senate GOP's attempts to repeal the Affordable Care Act, House Speaker Paul Ryan (R-Wis.), several congressional Republicans, and two White House aides-who together make up a group called the "big six"-unveiled on Thursday an outline of their tax objectives that critics argued is so vague that it obscures their real aim: to slash taxes for the wealthiest Americans".
House Speaker Paul Ryan is throwing in the towel on his controversial border adjustment tax proposal. ". We as Republicans, especially now, agree on how to do it. Health care is a good example".
Statement is where you'd expect GOP to be on 1st day of Congress.
Anthony Scaramucci Offensive May See Reince Preibus Leave White House
Steve Bannon, chief strategist for Trump, was also reportedly described in less-than-pleasant terms by Scaramucci. The rest of the staff must know that the chief is the alpha dog, with authority to hire, fire, and reassign.
A controversial plan to tax imports and exempt exports has been dropped from a push to overhaul the US tax code, as the Trump administration and top congressional Republicans focus their efforts on cutting rates "as much as possible" and other goals. "I'm glad that members will now take time to hear directly from those they represent and make the case for historic tax reform that we intend to pursue in the fall".
Ryan, Senate Majority Leader Mitch McConnell, Treasury Secretary Steven Mnuchin, National Economic Council Director Gary Cohn, House Ways and Means Committee Chairman Kevin Brady and Senate Finance Committee Chairman Orrin Hatch have been meeting regularly to strike a plan that the GOP wants to push through Congress this year.
The Wisconsin Republican noted that the Senate will need to write and pass the legislation before they can act.
European Union threatens Poland with sanctions over judiciary powers overhaul
The EU said that it "stands ready" to take action if the Poland Government continues to push through the controversial bills. It has already tightened control of state media and taken steps that critics said politicised the constitutional court.
While the skinny repeal is likely the easiest approach for getting the bill through the upper chamber - as the different factions of the party have struggled to come to a consensus in key areas - Ryan said it would not accomplish the promises they made on the campaign trail.
But many unknowns remain.
The most substantive paragraph: "The goal is a plan that reduces tax rates as much as possible, allows unprecedented capital expensing, places a priority on permanence, and creates a system that encourages American companies to bring back jobs and profits trapped overseas".
Stocks opening higher on Wall Street
In commodities , USA crude for September delivery rose 1 percent to $48.37 a barrel as investors bet on bullish inventories data. USA stock indexes opened at record highs on Wednesday following a set of strong quarterly earnings, led by Boeing and AT&T.
Still, removing the measure adds more questions, among them: how do Republicans pay for their desired cuts for business and individual tax rates without another revenue-raising tool?