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Trump needs bipartisan support to get 'anywhere close' to tax rates he wants: Democratic congressman

  • President Donald Trump wants to get the rates down substantially but he's going to have a "tough time," Rep. Kurt Schrader, D- Ore., told CNBC.
  • Trump met with bipartisan members of Congress on Wednesday afternoon to try to garner support for his tax plan.

President Donald Trump is going to need bipartisan support if he wants to get tax rates down close to where he'd like them, Rep. Kurt Schrader, D-Ore., told CNBC on Wednesday.

Trump met with bipartisan members of Congress on Wednesday afternoon to try to garner support for his tax plan.

During that meeting, the president claimed the wealthy "will not be gaining at all" from the Republican tax reform plan. He also said he wanted a 15 percent corporate tax rate.

"Tax reform is his laser focus at this point in time. He wants to get the rates down substantially. I think he's going to have a tough time getting them down to the numbers he's been talking about," said Schrader, who attended Wednesday's meeting.

He told "Closing Bell" it appears that Trump is interested in a bipartisan solution, although it might also be a way to get Republicans back on board.

"He's got to have bipartisan support to get any of the numbers down anywhere close to where he wants to be because it's going to mean a lot of tax breaks and tax deductions for a lot of groups go away," Schrader said.

As for whether the rich will not gain anything from the GOP tax plan, Schrader said, "We'll see. The devil's always in the details."

GOP congressional leaders are working to draft tax legislation and aim to introduce it in the coming weeks.

— CNBC's Jacob Pramuk contributed to this report.