Trump talks tax cuts with Graham
President seeks to smooth over work left to do on legislation
WEST PALM BEACH, Fla. — President Donald Trump sought Sunday to smooth over the difficult work ahead for lawmakers working to finalize tax cut legislation he can sign by a Christmas deadline.
Trump tweeted about the bill before he went to his golf club in
West Palm Beach for a round with Republican Sen. Lindsey Graham of South Carolina. Trump and Graham discussed the tax bill and upcoming budget talks after they teed off, White House spokesman Raj Shah said.
“Getting closer and closer on the Tax Cut Bill. Shaping up even better than projected,” Trump said on Twitter. “House and Senate working very hard and smart. End result will be not only important, but SPECIAL!”
Trump has set a Christmas deadline for signing the bill into law, giving lawmakers named to a special conference committee two weeks to iron out major differences in the House and Senate versions. The committee has set its first meeting for Wednesday.
Both measures would cut taxes by about $1.5 trillion over the next decade while adding billions to the $20 trillion deficit, combining tax cuts for corporations with more modest reductions for most individuals. Together, the changes would amount to the biggest overhaul of the U.S. tax system in 30 years.
The House bill collapses the seven existing personal income tax brackets to four, while the Senate version keeps the seven but changes their percentages. The mortgage interest deduction is more generous under the Senate bill. There are also questions about what to do with the alternative minimum tax and how to handle the tax treatment of millions of U.S. businesses organized as “pass throughs.”