WASHINGTON – The Republican tax reform leader in the Senate said Sunday it would be “miraculous” if President Trump could achieve his lower tax brackets for Americans.
Sen. Orrin Hatch (R-Utah) cast doubt on the ability of Congress to pass legislation to lower tax rates to 10 percent, 25 percent and 35 percent.
“If we could get to those rates that would be miraculous,” Hatch, chairman of the Senate Finance Committee, told Fox News “Sunday Morning Futures.”
Hatch also poured cold water on Trump’s plans to lower the corporate tax rate to 15 percent.
“We’d be lucky if we could get the corporate tax rate down to 20 percent, even 25 percent,” Hatch said. “But we’re going to try. We’re going to have to have some Democrat help to do it, so far that hasn’t been materializing.”
Hatch, the third in line to the presidency, said the wealthy shouldn’t be optimistic either.
“We’re certainly going to hit the rich, there’s no question,” Hatch said. “They’re not going to get anything – hardly anything – out of any tax reform that we do.”
That’s partly because tax reform would wipe away almost all of the personal deductions – including the popular write-off for state and local taxes. New York Republicans have pushed back on this proposal.
“I think there are only two deductions that absolutely are going to be kept: one would be the charitable deduction and the other would be the mortgage deductions,” Hatch said.
Hatch blamed the “cat fights” and “difficulties” in Congress on the ability to enact Trump’s tax reform goals. After the GOP effort to repeal and replace Obamacare failed, Republicans are hoping to score a win this year on cutting taxes and simplifying the tax code.
Hatch urged Senate Democratic Leader Chuck Schumer (D-Brooklyn) to get his party to work with Republicans on tax reform for the good of the country.
“I’m counting on Chuck Schumer stepping up to the plate… He’s got to lead like a Democrat leader ought to lead.”