A gradual phase-in for the corporate tax cuts is part of Republicans' efforts to limit the tax bill's net revenue loss to 1.5 trillion US dollars in a decade to satisfy the parameters of the budget resolution that the House and Senate have approved.
U.S. President Donald Trump and congressional Republican leaders have said recently that they hoped to pass the tax bill by the end of this year. "I want all of the people standing by my side when we get ready to sign by Christmas - hopefully before Christmas", he said at a hastily scheduled press availability.
It would also mark the administration's first big legislative win, and the White House's push to overhaul the tax system comes as the president is once more dogged by Special Counsel Robert Mueller's investigation into his campaign's alleged collusion with Russian Federation.
Kellogg Company (K) Reports Surprise Q3 Earnings Beat; Shares Rise
Zacks Investment Research lowered Kellogg from a "buy" rating to a "hold" rating in a research report on Friday, August 4th. Susquehanna Bancshares Inc reiterated a "hold" rating on shares of Kellogg in a research report on Thursday, August 3rd.
He made the remarks Tuesday during a tax reform meeting with the nation's top industry leaders.
USA stocks fell to session lows on the news as the committee prepares to release the long-awaited text of the tax bill on Wednesday.
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