WASHINGTON – The Latest on President Donald Trump’s tax overhaul (all times local):
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9:30 p.m.
President Donald Trump is offering words of encouragement to House Republicans as they struggle to come up with a tax plan.
In a tweet late Tuesday, Trump writes: “The Republican House members are working hard (and late) toward the Massive Tax Cuts that they know you deserve. These will be biggest ever!”
Members of the House Ways and Means Committee are trying to finalize a bill, with the rollout delayed to Thursday. The committee chairman, Rep. Kevin Brady, insists drafters are making “excellent progress” and will work through the night.
In a statement, Brady says the release will be delayed a day, until Thursday.
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Despite Trump’s claim, it remains to be seen whether the nearly $6 trillion plan will amount to the biggest tax cut ever.
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9:15 p.m.
The top tax writer in the House isn’t conceding that the planned rollout of his long-sought tax code overhaul is being delayed.
Ways and Means Committee Chairman Kevin Brady tells reporters “we are moving forward” and there is “no announcement of change in the schedule.”
The Texas Republican made his comments after GOP sources said a Wednesday release of the measure would be delayed amid continuing negotiations over the complicated measure.
Hang-ups appear to include continuing complaints by lawmakers from high-tax states about repeal of a deduction for state income taxes.
Brady appeared before a throng of reporters after news organizations reported a likely delay. He says “we are making excellent progress — we are very close.”
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8:20 p.m.
House Republicans are delaying their rollout of a tax plan until Thursday amid a struggle to finalize details.
That’s the word from a senior GOP aide late Tuesday night. The aide spoke on condition of anonymity because the individual was not allowed to publicly discuss the schedule.
The tax-writing Ways and Means Committee was working throughout the day and evening to produce a sweeping plan, the first overhaul of the nation’s tax code in three decades.
Although they have settled on some details — such as a cut in the corporate tax rate and maintaining the top personal income tax rate for the wealthy — other elements still have to be resolved.
President Donald Trump has intensified his lobbying for the tax overhaul plan.
— Erica Werner
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7:15 p.m.
House Republican leaders are expected to unveil a tax proposal Wednesday that would maintain the 39.6 percent top personal income tax rate.
That’s according to two people familiar with the plans who spoke on condition of anonymity in advance of the public release of the GOP bill.
The plan originally unveiled by President Donald Trump and congressional Republicans called for shrinking the number of tax brackets from seven to three, with respective tax rates of 12 percent, 25 percent and 35 percent.
It’s unclear what income levels would fall into each of the tax rates.
Republicans also plan to reduce the corporate tax rate to 20 percent, erasing the recent chatter about phasing in the cut, according to a congressional official.
—By Jill Colvin.
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12:20 p.m.
President Donald Trump is meeting with business industry leaders to build momentum for his tax overhaul ahead of his lengthy trip to Asia.
Trump says he’s hoping to sign the tax bill into law by Christmas and predicts the White House signing ceremony will be “the biggest tax event in the history of our country.”
The president is meeting with the leaders of the U.S. Chamber of Commerce, the National Association of Manufacturers, the Business Roundtable and others on taxes.
Trump says Treasury Secretary Steve Mnuchin and economic adviser Gary Cohn will be staying behind to work on the tax bill.
And he’s calling on industry groups to build momentum for the plan while he’s in Asia for 10-and-a-half days. The president is departing on Friday.
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9:15 a.m.
Top White House aides, including Ivanka Trump, will be lobbying in the U.S. for a tax overhaul while President Donald Trump is traveling in Asia.
A White House official says Treasury Secretary Steven Mnuchin, Director of the National Economic Council Gary Cohn and White House adviser Ivanka Trump will hold tax events around the country.
The first daughter is going to Japan for a speech Friday, but has canceled plans to continue on to China and South Korea and will return to the U.S. over the weekend.
President Donald Trump leaves Friday for a lengthy trip through Asia.
House Republicans are set to unveil their tax bill Wednesday.
Trump is scheduled to hold a tax meeting at the White House Tuesday.
