Trump One Month into Presidency, Tax Reform Still Unclear
Much like his campaign, the first month of Donald Trump’s presidency has been marked with bold moves and critical fallout. Facing legal pushback on executive orders and continuing to draw crowds of protesters, Trump’s first 31 days in office have been marked by political divisions.
In his first solo press conference, Trump referred to his administration as a “fine-tuned machine,” and though he retains support from Republicans, overall approval ratings remain low. Trump elicited the highest disapproval rating for an elected president in U.S. history, according to a January Gallup poll, and his ratings continue to decline.
Thus far, the President has been faced with a series of crises, making it difficult to turn his election promises into policy reality, according to a CNBC report.
Trump has yet to clearly outline his tax reform plans, which he has claimed as a top priority since his election win in November. Last week in a meeting with retailers, Trump announced a massive tax plan would be unveiled in the “not-too-distant future,” promising to substantially lower rates for individuals and businesses. However, Thursday the President announced his plans to roll out a health care plan before the tax-code overhaul.
Meanwhile, republicans are pushing a new border adjustment tax that would facilitate a huge corporate tax cut across the board and would also penalize companies that rely on imported goods. Manufacturers support the cut, while retailers who rely on cheap imports to turn profits, express opposition. Trump has wavered in his support, initially backing the plan and recently indicating a lack of support after meeting with retailers.
The President will deliver his first address to Congress on Feb. 28, proposing his first federal budget and outlining his legislative agenda.
Newly-elected U.S. Rep. David Kustoff told a group of lawyers in Memphis Monday he expects Congress to quickly enact tax cuts and replace the Affordable Care Act. According to Kustoff, Congress may push through the 2017-2018 budget in order to enable tax and healthcare reform. Traditionally, presidents see the most success pushing through ambitious legislation in their first year, but Trump has already faced opposition from both sides in his efforts early on.