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Trump tax plan faces rockier road after stinging healthcare loss

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Trump tax plan faces rockier road after stinging healthcare lossCheck The Source Here:https://goo.gl/VZsjgBBe a Proud Patriot, Wear Your America T-Shrits: https://goo.gl/DMfNAAFollowing the failure of a healthcare bill backed by President Donald Trump, his administration plans to take a lead role in crafting major legislation to cut taxes with an eye toward meeting an August target date, the White House said on Monday.Trump's pledge to cut taxes, including a lowering of the rates paid by corporations, was a pillar of his 2016 presidential campaign and provided much of the fuel for the heady stock market rally that followed his Nov. 8 victory."Obviously, we're driving the train on this," White House spokesman Sean Spicer told a briefing."We're going to work with Congress on this," Spicer said, adding that tax cut legislation is a "huge priority" for the Republican president and "something that he feels very passionately about."Spicer noted that U.S. Treasury Secretary Steven Mnuchin has talked about August as a target date for tax legislation, but added that the timetable could slip depending on how quickly a consensus could be reached.Getting a broad tax bill passed by Congress and on Trump's desk for signature into law looks to be no easy feat, especially after intra-party differences last week torpedoed the healthcare legislation he had backed.Republicans for seven years had promised to dismantle Democratic former President Barack Obama's Affordable Care Act, dubbed Obamacare, and the Trump administration had made it its top priority when he took office in January.But the effort collapsed on Friday when members of the Freedom Caucus, including the most conservative lawmakers of the House of Representatives, refused to support the bill, which was also backed by House Speaker Paul Ryan.The stinging defeat alarmed investors who began reassessing the chances for passage of the tax agenda this year. Major U.S. stock indexes opened sharply lower on Monday before paring the lion's share of the losses.

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