Trump laid out other broad principles he hopes to see in the tax reform legislation, including a simplification of the tax code, reducing rates for middle-income Americans, as well as incentivizing companies to bring profits back onshore.
Trump said, "We have no choice, we must lower our taxes".
"I know she's going on a tour and talking about being an advocate for the heartland", Schmitt said, "but that's not her record". But he said that his company did have to go overseas for parts that are no longer manufactured in the US, and that he believed Trump could bring those jobs back.
"I don't want to be disappointed by Congress", he said. Former President Ronald Reagan sent a 489-page proposal to Congress in 1985 to make his thoughts on tax reform clear.
But if tax reform is anything, it's not simple.
The lawmakers joined Rep. Kevin Brady, chair of House Ways and Means, Sen.
The White House also insists that the congressional drafting process should be a bipartisan exercise.
Harvey aid is a fresh addition to an agenda already packed with must-do tasks and multiple legislative deadlines: Passing a stopgap spending bill to avert a government shutdown; increasing the government's borrowing authority to prevent a market-quaking default on US obligations; and paving the way for a GOP rewrite of the USA tax code.
While Republicans are seeking to build a brand of unity on the issue, Democrats are calling them out for not including both parties.
After a year with no major legislative wins, the stakes are high for the White House and GOP leaders, who face mounting pressure to get points on the board before next year's midterm elections.
Tom Perez, the chairman of the Democratic National Committee, said that Republican tax reform proposals "would overwhelmingly benefit the super-rich and corporations over hardworking Americans". The devastation wrought from Hurricane Harvey - and the disaster relief funds that will need congressional approval - further busies out the calendar.
These are some of the many questions that remain unresolved as GOP leaders try to write the tax plan. When our IBD/TIPP Poll asked voters about tax reforms last May, some 55% said they supported cutting the business rate to 15%, while 66% supported tax cuts for families.
Trump already has created "one million new jobs", and the nation has a 2.6 percent economic growth for its second quarter, and the Dow is at historic highs, so it's time for reform, said Bossie. Should they aim for a revenue-neutral plan, with the goal being to streamline the tax code by closing loopholes and lowering rates? But initially Trump said he wanted to cut it down to 15%, from the current rate of 35%. In Iowa, the top corporate rate is 12 percent, and in five other states plus the District of Columbia, the rate is 9 percent or higher, according to the right-leaning Tax Foundation. As Brady said before members broke for the August recess, "Clearly, no budget, no tax reform". Getting rid of the ObamaCare albatross might not be politically doable this year; but tax reform definitely is. Now the White House and Congress are struggling to develop a unified approach - on tax rates, tax benefits and federal deficits - that can withstand the political heat that comes with actual votes on Capitol Hill. During the financial crisis of 2007-2009, for instance, payroll tax cuts put more money into people's pockets, which they used to buy things and seed the economy with new spending.