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Politics

Paul Ryan: Trump's tax plan is 'along the same lines' of what the House wants

President Donald Trump and the Republican Congress tripped up in their first major legislative effort together, a failed bill to replace the Affordable Care Act.

House Speaker Paul Ryan aimed to show on Wednesday that the two branches will be unified on tax reform. Ryan said he does not think Trump is overstepping by releasing a tax proposal Wednesday, adding that Congress and the White House are working to reach consensus on a plan.

"We've been briefed on what they're going to do and it's basically along exactly the same lines that we want to go. ... We see this as progress is being made and we're moving and getting on the same page," Ryan told reporters at a news conference with House GOP leaders.

Treasury Secretary Steven Mnuchin confirmed earlier Wednesday that the tax plan the Trump administration will outline Wednesday afternoon will call for a 15 percent corporate rate.

Earlier Wednesday, Reuters reported that Ryan saw a preview of the plan and said the House is in "80 percent agreement."

Mnuchin said the White House wants a "combined plan" with the House and Senate, which could potentially clash with the administration over some provisions.

"I think it's clear that the House, the Senate and the administration are all on the same page," Mnuchin said.

Mnuchin and White House chief economic advisor Gary Cohn are expected to go into more detail about the plan — which appears to largely resemble Trump's campaign pledge — at a briefing later in the day. Mnuchin had set a goal of passing the first tax reform since 1986 by August, but the White House has recently backed off that deadline, signaling it wants to pass a plan by the end of the year.

Tax reform can prove an arduous process in which lawmakers have to balance the concerns of various stakeholders.

When Trump floated a 15 percent corporate tax rate as a candidate, analyses of the proposal estimated that it could add trillions to the national debt. It is unclear what the current proposal would do to raise revenue to offset those major cuts, and Mnuchin has declined to specific how the administration would pay for the 15 percent rate.

The White House appears not to support one possible revenue-raising tool, the controversial border adjustment provision included in the House tax plan.

"We don't think it works in its current form, and we're going to continue to have discussions with them about revisions," Mnuchin said.

Read related coverage:

Treasury's Mnuchin: Trump wants 15 percent corporate rate in 'biggest tax cut' in US history

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