An economist who helped write Donald Trump's tax proposals floated a plan for Congress to tackle business taxes — including a rate cut on companies' overseas earnings — quickly next year, while postponing consideration of individual income taxes.
That strategy, offered by Stephen Moore, an economist who has advised Trump, has at least some political risk; throughout his campaign the president-elect generally pitched his tax plans as "a massive tax reduction" for working and middle-income Americans. But focusing on business taxation first might allow for moving a bill much faster — and win support from Senate Democrats, who want to use short-term revenue gains from an offshore tax break to fund nationwide infrastructure improvements.
"If you have to give Democrats some of the things that they want, do it," Moore said Wednesday during an event sponsored by Politico and American Innovation Matters, a corporate interest group that is calling for tax reform. "Let's move this thing forward."
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