We get it, there is a lot of sh*t to sift through after 8 years of Obama. However, tax cuts should not be a ‘bottom of the list’ priority. It belongs at the top also. Check out what the risk is if congress does not address this soon.
Bad news: Congress is putting tax cuts on the back burner for now — a big risk.
House Speaker Paul Ryan says lawmakers will focus first on replacing . . . er, “repairing” ObamaCare and on President Trump’s infrastructure plans, and only take up tax bills sometime in the spring.
That means Trump won’t be able to sign anything until before the fall — at the earliest, if no other delays pop up.
Yes, the president’s early moves on deregulation and energy should boost growth, and a few industries are salivating at the thought of big infrastructure spending.
But Trump also clearly means his promises on trade and immigration, too — which has other industries nervous.
The absence of any big supply-siders in the president’s economic team is further cause for concern, as is the way the White House has taken to talking about “tax relief” rather than “tax reform.” The hunger for some details — will the cuts be retroactive to Jan. 1? — adds to the uncertainty, which is always bad for business.