Trump tax push raises questions about scope of his 'reform'WASHINGTON (Reuters) - President Donald Trump’s zeal to unveil a tax plan before his 100th day in office is raising questions about just how thorough his “tax reform” plans will be, amid signals that his focus for now is on slashing tax rates. Trump has directed aides to move quickly on a plan to cut the corporate income tax rate to 15 percent from 35 percent, a Trump administration official said on Monday. With his 100th day nearing on April 29, Trump has been ordering studies and signing executive orders. But he has yet to introduce a major bill to the Republican-controlled Congress on any topic or win passage of someone else’s that he supports. He has promised a “big tax reform and tax reduction” announcement on Wednesday. Some analysts said this may consist of a proposal to cut the corporate rate to 15 percent, cap the individual tax rate at 33 percent, repeal the estate and alternative minimum taxes and cut taxes for the middle class. In earlier days, Trump vowed to oversee the biggest “tax reform” since President Ronald Reagan’s in 1986, a legislative feat that has since defied every president. Wall Street analysts say Trump may instead offer a package of rate reductions, like those backed by Reagan in 1981 and President George W. Bush in 2001, which left the tax system intact.  If that is the case, it “is not tax reform. It is a tax cut,” Chris Krueger, analyst at financial firm Cowen & Co, said in a research note. On Wednesday, Krueger said, “We will get some vague benchmarks about rate levels... with likely no detail on how to finance those reductions except for the assurance that the growth projections will take care of it.” The announcement could also show whether Trump is turning away from a Republican plan backed by House of Representatives Speaker Paul Ryan that would pay for tax cuts with an import tax and by killing a business interest deduction. Ryan and other Republicans will get a preview of Trump’s plan on Tuesday at a Capitol Hill meeting with Treasury Secretary Steven Mnuchin and Gary Cohn, director of Trump’s National Economic Council, aides said. Trump’s announcement, however, could be a disappointment for investors seeking clarity.  “I don’t know that it will shed a great deal of light beyond what the administration has already said,” noted Peter Cohn, analyst at financial firm Height Securities. politicsNews
trump tax push raises questions scope reuters president donald trump zeal unveil tax plan day office raising questions thorough tax reform plans amid signals focus slashing tax rates trump directed aides move quickly plan cut corporate income tax rate percent percent trump administration official said monday with day nearing april trump ordering studies signing executive orders but yet introduce major bill congress topic win passage someone else supports he promised big tax reform tax reduction announcement wednesday some analysts said may consist proposal cut corporate rate percent cap individual tax rate percent repeal estate alternative minimum taxes cut taxes middle class in earlier days trump vowed oversee biggest tax reform since president ronald reagan legislative feat since defied every president wall street analysts say trump may instead offer package rate reductions like backed reagan president george bush left tax system intact if case tax reform it tax cut chris krueger analyst financial firm cohen co said research note on wednesday krueger said we get vague benchmarks rate levels likely detail finance reductions except assurance growth projections take care the announcement could also show whether trump turning away republican plan backed house representatives speaker paul ryan would pay tax cuts import tax killing business interest deduction ryan republicans get preview trump plan tuesday capitol hill meeting treasury secretary steven mnuchin gary con director trump national economic council aides said trump announcement however could disappointment investors seeking clarity i know shed great deal light beyond administration already said noted peter con analyst financial firm height securities 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: Trump tax push raises questions about scope of his 'reform'WASHINGTON (Reuters) - President Donald Trump’s zeal to unveil a tax plan before his 100th day in office is raising questions about just how thorough his “tax reform” plans will be, amid signals that his focus for now is on slashing tax rates. Trump has directed aides to move quickly on a plan to cut the corporate income tax rate to 15 percent from 35 percent, a Trump administration official said on Monday. With his 100th day nearing on April 29, Trump has been ordering studies and signing executive orders. But he has yet to introduce a major bill to the Republican-controlled Congress on any topic or win passage of someone else’s that he supports. He has promised a “big tax reform and tax reduction” announcement on Wednesday. Some analysts said this may consist of a proposal to cut the corporate rate to 15 percent, cap the individual tax rate at 33 percent, repeal the estate and alternative minimum taxes and cut taxes for the middle class. In earlier days, Trump vowed to oversee the biggest “tax reform” since President Ronald Reagan’s in 1986, a legislative feat that has since defied every president. Wall Street analysts say Trump may instead offer a package of rate reductions, like those backed by Reagan in 1981 and President George W. Bush in 2001, which left the tax system intact.  If that is the case, it “is not tax reform. It is a tax cut,” Chris Krueger, analyst at financial firm Cowen & Co, said in a research note. On Wednesday, Krueger said, “We will get some vague benchmarks about rate levels... with likely no detail on how to finance those reductions except for the assurance that the growth projections will take care of it.” The announcement could also show whether Trump is turning away from a Republican plan backed by House of Representatives Speaker Paul Ryan that would pay for tax cuts with an import tax and by killing a business interest deduction. Ryan and other Republicans will get a preview of Trump’s plan on Tuesday at a Capitol Hill meeting with Treasury Secretary Steven Mnuchin and Gary Cohn, director of Trump’s National Economic Council, aides said. Trump’s announcement, however, could be a disappointment for investors seeking clarity.  “I don’t know that it will shed a great deal of light beyond what the administration has already said,” noted Peter Cohn, analyst at financial firm Height Securities. 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: trump tax push raises questions scope reuters president donald trump zeal unveil tax plan day office raising questions thorough tax reform plans amid signals focus slashing tax rates trump directed aides move quickly plan cut corporate income tax rate percent percent trump administration official said monday with day nearing april trump ordering studies signing executive orders but yet introduce major bill congress topic win passage someone else supports he promised big tax reform tax reduction announcement wednesday some analysts said may consist proposal cut corporate rate percent cap individual tax rate percent repeal estate alternative minimum taxes cut taxes middle class in earlier days trump vowed oversee biggest tax reform since president ronald reagan legislative feat since defied every president wall street analysts say trump may instead offer package rate reductions like backed reagan president george bush left tax system intact if case tax reform it tax cut chris krueger analyst financial firm cohen co said research note on wednesday krueger said we get vague benchmarks rate levels likely detail finance reductions except assurance growth projections take care the announcement could also show whether trump turning away republican plan backed house representatives speaker paul ryan would pay tax cuts import tax killing business interest deduction ryan republicans get preview trump plan tuesday capitol hill meeting treasury secretary steven mnuchin gary con director trump national economic council aides said trump announcement however could disappointment investors seeking clarity i know shed great deal light beyond administration already said noted peter con analyst financial firm height securities politicsnews