Republicans, Democrats Sit Down With President Trump Over Tax Reform

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U.S. President Donald Trump and Republicans in Congress would have a hard time slashing the corporate tax rate to below 26 percent, even if they eliminated almost every business tax preference, according to a study released on Wednesday.

The news comes within days of President Trump stunning his party by agreeing to work with Democrats on a deal for young immigrants brought to the USA illegally, in exchange for a border security package, and signals Republicans' increasing desire to reassert their role in policy making.

On tax reform, Manchin said the president assured him any proposal will not represent a tax cut for the wealthy, but will benefit the middle class.

Republicans in Washington are now working on the details of the bill.

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Both sides have said they want legislative action to help Dreamers - undocumented immigrants brought to the country as children - but have yet to agree on what, if any, measures should be tied to the bill.

The president last week reached an agreement with Democratic leaders in the House and Senate to increase the debt ceiling for three months while also providing disaster recovery from Hurricane Harvey.

The group discussed tax reform and infrastructure with the president and his Secretary of the Treasury Steve Mnuchin and his economic advisor Gary Cohn. "We talked about the global average, we talked about everything in-depth to where they said 'OK, let's look at this and see how we can make this work'".

"When you do things people think is fair and reasonable and common sense, people jump off the couch and start doing things", Manchin said. "It looks to me like there will be" a document released during the week of September 25 that provides new details on the Republican tax plan, he told reporters on Wednesday.

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HORSLEY: Ryan says that plan will be made public in about two weeks.

White House Budget director Mick Mulvaney said he thinks Democrats are interested in working together on a tax overhaul.

"I do know how the economics work", Manchin said.

Increasing America's global competitiveness in corporate tax rates also was discussed.

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