• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

26 Meta employees accuse Mark Zuckerberg of using AI to target 8,000 layoffs against workers on medical, parental or family leave

2

MacKenzie Scott, Melinda French Gates, and Lauren Sánchez Bezos are rewriting the rules of billionaire giving—one quietly, one strategically, one very publicly

3

After donating $48 billion to the Gates Foundation, Warren Buffett is quietly ending one of the biggest philanthropic relationships in history

1

26 Meta employees accuse Mark Zuckerberg of using AI to target 8,000 layoffs against workers on medical, parental or family leave

2

MacKenzie Scott, Melinda French Gates, and Lauren Sánchez Bezos are rewriting the rules of billionaire giving—one quietly, one strategically, one very publicly

3

After donating $48 billion to the Gates Foundation, Warren Buffett is quietly ending one of the biggest philanthropic relationships in history
LeadershipWhite House

White House Plans to Negotiate Tax Overhaul Behind Closed Doors

By
The Associated Press
The Associated Press
Down Arrow Button Icon
By
The Associated Press
The Associated Press
Down Arrow Button Icon
June 21, 2017, 6:08 AM ET
Add Fortune on Google for similar content.

The White House plans to privately negotiate a massive overhaul of the tax system with Republican leaders in Congress, possibly giving rank-and-file members little if any say over the finished product, according to a top aide to President Donald Trump.

Gary Cohn, Trump’s top economic aide, said Tuesday the administration doesn’t want to engage in prolonged negotiations after the package is made public this fall. Cohn said the goal is to release the overhaul in the first two weeks of September.

“We don’t want to be negotiating the tax bill on the floor,” Cohn said at a meeting of technology executives.

This type of top-down approach has a sketchy record on Capitol Hill, especially on issues as difficult to maneuver as the first remake of the nation’s tax code in 31 years. Earlier this year, House members balked when Trump officials demanded that they vote on a bill to repeal and replace former President Barack Obama’s health law.

The House narrowly passed the bill only after lengthy negotiations among lawmakers.

Senate Republicans have been widely criticized for crafting their health care bill behind closed doors, with even some in the GOP complaining about the secretive process.

Nonetheless, Republican leaders put a happy face on their efforts Tuesday, despite offering no evidence of progress in overcoming their differences.

“Let’s not talk about why we can’t do something. Let’s talk about how fantastic things will be if we get this done,” House Speaker Paul Ryan, R-Wis., told the National Association of Manufacturers. “Let’s not talk about this little tax break or that little tax break. Let’s talk about the big picture.”

In April, the administration unveiled a one-page proposal that called for massive tax cuts for businesses and a bigger standard tax deduction for middle-income families, lower investment taxes for the wealthy and an end to the federal estate tax for the superrich—like the president and his family.

The plan also calls for eliminating the federal deduction for state and local taxes, a proposal opposed by Democrats and some Republicans in states like New York, New Jersey and California.

Ryan said he is confident Congress can pass a tax package by the end of the year, despite political divisions among Republicans and a crowded legislative agenda for Congress.

He acknowledged it won’t be easy. But he preached against settling for something less than a complete overhaul of the tax system.

A growing number of Republicans say they would rather just cut taxes than take on the difficult task of simplifying the tax code, which would include eliminating many tax breaks to finance lower overall tax rates.

“We will not wait for a path free of obstacles because it does not exist. And we will not cast about for quick fixes and half-measures,” Ryan said. “Transformational tax reform can be done, and we are moving forward. Full speed ahead.”

House Democratic Leader Nancy Pelosi’s office released a statement calling Ryan’s remarks “minor platitudes for hard-working Americans,” short on specifics.

It has been about a year since Ryan and other House Republicans released a blueprint for how they would overhaul the tax code. Yet Ryan didn’t provide any additional information about his tax plan or the state of negotiations among White House officials and Republican leaders in Congress.

Even if the White House were to forge an agreement among congressional leaders, the resulting package would still need to get buy-in from rank-and-file members, said Rohit Kumar, a former tax counsel to Senate Majority Leader Mitch McConnell, who now heads PwC’s Washington tax office.

“The one lesson we learned from 2017 is that everything takes longer than you think it will,” he said.

One area of disagreement is Ryan’s support for a new tax on imports to help finance a lower overall tax rate for corporations, and to encourage U.S. companies to stay in the United States. The tax, however, has no support in the Senate and is vigorously opposed by retailers who worry that it will increase the cost of consumer goods.

Congressional Republicans are planning to pass a tax package under a procedure in which they need only a simple majority in the Senate—preventing Democrats from blocking it. Under the procedure, the tax package cannot add to long-term budget deficits.

That means for every tax cut, there has to be a tax increase, at least over the long term.

Vice President Mike Pence, who addressed the manufacturers before Ryan, promised “the largest tax cut since the days of Ronald Reagan.”

“We’ll cut taxes across the board for working families, small businesses and family farms. We’ll simplify the tax code by cutting seven brackets down to three,” Pence said. “We’ll eliminate the alternative minimum tax, end almost every deduction and under President Donald Trump we’ll repeal the death tax once and for all.”

About the Author
By The Associated Press
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Leadership

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Leadership

ibm
Big TechIBM
‘We did not adapt and move quickly enough’: IBM CEO’s admission of weakness fails to prevent historic 25% stock crash
By Tatiana SatauaJuly 15, 2026
7 hours ago
cdc
PoliticsCDC
CDC nominee refuses to say if she’d defy RFK Jr. on vaccine orders
By Mike Stobbe, Nick Lichtenberg and The Associated PressJuly 15, 2026
9 hours ago
Chipotle is trying to take over Mexico through its softest border town
North AmericaRestaurants
Chipotle is trying to take over Mexico through its softest border town
By Mia OsmonbekovJuly 15, 2026
9 hours ago
Murati’s Thinking Machines releases first AI model for broad use
AIMira Murati
Murati’s Thinking Machines releases first AI model for broad use
By Shirin Ghaffary and BloombergJuly 15, 2026
9 hours ago
Job interview in office
SuccessThe Interview Playbook
Bending Spoons only hired 0.04% from its 800,000 job applications last year—its CEO says its cutthroat hiring process is unlike ‘useless’ interviews
By Emma BurleighJuly 15, 2026
13 hours ago
FedEx CEO says we are in the middle of the biggest supply chain shift he’s seen in 35 years: ‘We are the referendum’
C-SuiteFortune 500: Titans and Disruptors of Industry
FedEx CEO says we are in the middle of the biggest supply chain shift he’s seen in 35 years: ‘We are the referendum’
By Fortune EditorsJuly 15, 2026
13 hours ago

Most Popular

26 Meta employees accuse Mark Zuckerberg of using AI to target 8,000 layoffs against workers on medical, parental or family leave
Law
26 Meta employees accuse Mark Zuckerberg of using AI to target 8,000 layoffs against workers on medical, parental or family leave
By Barbara Ortutay, Alexandra Olson and The Associated PressJuly 15, 2026
15 hours ago
MacKenzie Scott, Melinda French Gates, and Lauren Sánchez Bezos are rewriting the rules of billionaire giving—one quietly, one strategically, one very publicly
Newsletters
MacKenzie Scott, Melinda French Gates, and Lauren Sánchez Bezos are rewriting the rules of billionaire giving—one quietly, one strategically, one very publicly
By Sydney LakeJuly 14, 2026
1 day ago
After donating $48 billion to the Gates Foundation, Warren Buffett is quietly ending one of the biggest philanthropic relationships in history
North America
After donating $48 billion to the Gates Foundation, Warren Buffett is quietly ending one of the biggest philanthropic relationships in history
By Marco Quiroz-GutierrezJuly 14, 2026
1 day ago
Jamie Dimon understands why people are anti-rich: 'We have, in fact, left the lower-income folks behind' and 'that's kind of annoying'
Economy
Jamie Dimon understands why people are anti-rich: 'We have, in fact, left the lower-income folks behind' and 'that's kind of annoying'
By Eleanor PringleJuly 15, 2026
17 hours ago
He sold his last company to Palantir. Now he's betting $32 million that robots can fix construction's labor crisis
Innovation
He sold his last company to Palantir. Now he's betting $32 million that robots can fix construction's labor crisis
By Lily Mae LazarusJuly 15, 2026
16 hours ago
FedEx CEO says we are in the middle of the biggest supply chain shift he’s seen in 35 years: ‘We are the referendum’
C-Suite
FedEx CEO says we are in the middle of the biggest supply chain shift he’s seen in 35 years: ‘We are the referendum’
By Fortune EditorsJuly 15, 2026
13 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.