Senate tax chief says scope for tax cuts still unclearWASHINGTON (Reuters) - U.S. Senate Finance Committee Chairman Orrin Hatch said on Wednesday it is not yet clear how big a tax cut Congress can deliver through tax reform, despite calls by President Donald Trump and other Republicans for steep reductions in business tax rates. Hatch, whose panel oversees tax policy in the Senate, told a Washington tax policy forum he could also accept a tax reform plan that expands the federal deficit, despite opposition from deficit hawks. Trump and other Republicans have promised the biggest overhaul of the U.S. tax system since the Reagan era. But the White House says a detailed proposal is not expected until September, allowing little time in 2017 for Congress to act on such a major piece of legislation. The White House wants to cut the corporate tax rate to 15 percent from 35 percent, while Republicans in the House of Representatives have proposed 20 percent. But Hatch said he is not committed to any rate targets, because discussions have yet to focus on specific policy changes, including the elimination of tax breaks, needed to help pay for rate reductions. “Until we perform the surgery and start eliminating preferences and credits in order to bring down rates ... we cannot speak definitively on the rate targets,” the Utah Republican said. “All of that is going to take some time,” he added, a day after joining Treasury Secretary Steven Mnuchin, White House economic adviser Gary Cohn and Republican congressional leaders for a weekly tax reform meeting on Capitol Hill.  The Trump administration and congressional Republicans are trying to forge agreement on a tax reform package that can clear the House and Senate this year. The main challenge is the 100-member Senate, where Republicans cannot afford to lose more than two votes from their 52-seat majority. A top issue for debate is whether tax reform should avoid expanding the deficit by including policy changes that pay for tax cuts. “I don’t see a problem with a tax reform proposal that loses revenue in the short term, if we can show that it will help put our economy on a better growth path,” Hatch said.    “However, we do have some budget hawks in our conference who will have a difficult time supporting a package that adds to the deficit, and we’ll have to take that into account, because once again we can’t afford to lose too many votes.” politicsNews
senate tax chief says scope tax cuts still unclearwashington reuters senate finance committee chairman train hatch said wednesday yet clear big tax cut congress deliver tax reform despite calls president donald trump republicans steep reductions business tax rates hatch whose panel oversees tax policy senate told washington tax policy forum could also accept tax reform plan expands federal deficit despite opposition deficit hawks trump republicans promised biggest overhaul tax system since reagan era but white house says detailed proposal expected september allowing little time congress act major piece legislation the white house wants cut corporate tax rate percent percent republicans house representatives proposed percent but hatch said committed rate targets discussions yet focus specific policy changes including elimination tax breaks needed help pay rate reductions until perform surgery start eliminating preferences credits order bring rates speak definitively rate targets utah republican said all going take time added day joining treasury secretary steven mnuchin white house economic adviser gary con republican congressional leaders weekly tax reform meeting capitol hill the trump administration congressional republicans trying forge agreement tax reform package clear house senate year the main challenge senate republicans afford lose two votes majority a top issue debate whether tax reform avoid expanding deficit including policy changes pay tax cuts i see problem tax reform proposal loses revenue short term show help put economy better growth path hatch said however budget hawks conference difficult time supporting package adds deficit take account afford lose many politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Senate tax chief says scope for tax cuts still unclearWASHINGTON (Reuters) - U.S. Senate Finance Committee Chairman Orrin Hatch said on Wednesday it is not yet clear how big a tax cut Congress can deliver through tax reform, despite calls by President Donald Trump and other Republicans for steep reductions in business tax rates. Hatch, whose panel oversees tax policy in the Senate, told a Washington tax policy forum he could also accept a tax reform plan that expands the federal deficit, despite opposition from deficit hawks. Trump and other Republicans have promised the biggest overhaul of the U.S. tax system since the Reagan era. But the White House says a detailed proposal is not expected until September, allowing little time in 2017 for Congress to act on such a major piece of legislation. The White House wants to cut the corporate tax rate to 15 percent from 35 percent, while Republicans in the House of Representatives have proposed 20 percent. But Hatch said he is not committed to any rate targets, because discussions have yet to focus on specific policy changes, including the elimination of tax breaks, needed to help pay for rate reductions. “Until we perform the surgery and start eliminating preferences and credits in order to bring down rates ... we cannot speak definitively on the rate targets,” the Utah Republican said. “All of that is going to take some time,” he added, a day after joining Treasury Secretary Steven Mnuchin, White House economic adviser Gary Cohn and Republican congressional leaders for a weekly tax reform meeting on Capitol Hill.  The Trump administration and congressional Republicans are trying to forge agreement on a tax reform package that can clear the House and Senate this year. The main challenge is the 100-member Senate, where Republicans cannot afford to lose more than two votes from their 52-seat majority. A top issue for debate is whether tax reform should avoid expanding the deficit by including policy changes that pay for tax cuts. “I don’t see a problem with a tax reform proposal that loses revenue in the short term, if we can show that it will help put our economy on a better growth path,” Hatch said.    “However, we do have some budget hawks in our conference who will have a difficult time supporting a package that adds to the deficit, and we’ll have to take that into account, because once again we can’t afford to lose too many votes.” politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: senate tax chief says scope tax cuts still unclearwashington reuters senate finance committee chairman train hatch said wednesday yet clear big tax cut congress deliver tax reform despite calls president donald trump republicans steep reductions business tax rates hatch whose panel oversees tax policy senate told washington tax policy forum could also accept tax reform plan expands federal deficit despite opposition deficit hawks trump republicans promised biggest overhaul tax system since reagan era but white house says detailed proposal expected september allowing little time congress act major piece legislation the white house wants cut corporate tax rate percent percent republicans house representatives proposed percent but hatch said committed rate targets discussions yet focus specific policy changes including elimination tax breaks needed help pay rate reductions until perform surgery start eliminating preferences credits order bring rates speak definitively rate targets utah republican said all going take time added day joining treasury secretary steven mnuchin white house economic adviser gary con republican congressional leaders weekly tax reform meeting capitol hill the trump administration congressional republicans trying forge agreement tax reform package clear house senate year the main challenge senate republicans afford lose two votes majority a top issue debate whether tax reform avoid expanding deficit including policy changes pay tax cuts i see problem tax reform proposal loses revenue short term show help put economy better growth path hatch said however budget hawks conference difficult time supporting package adds deficit take account afford lose many politicsnews