Republicans controlling Congress are gearing up to advance their tax measure this fall, promising to lower rates on businesses and individuals, while clearing out many tax breaks and deductions. "Tax reform cannot be a cover story for delivering tax cuts to the wealthiest." The contours of the GOP tax plan are fuzzy at best, but House Speaker Paul Ryan, R-Wis., says he's not pressing for a large, deficit-financed tax measure. The most recent successful tax reform effort was in 1986 and required a bipartisan push to overcome opposition from powerful interest groups. "As I've said before tax reform is a major priority of ours and we will be proceeding with it," Mnuchin said after the meeting.

Source: ABC News August 01, 2017 11:15 UTC