Trump wants lawmakers to 'move fast' on taxes

House Speaker Paul Ryan adjusts a podium sign at a news conference with House Republican leaders after a closed conference meeting

JOE MANCHIN: The president came out immediately and said, listen; this is not a tax cut for the rich.

Trump is looking to "cut a deal" with anyone who will work with him, Meadows said - acknowledging that this could lead to much less conservative legislation.

Speaking in an AP Newsmaker interview, Ryan said he believes the president "made the right call" when he announced he would give Congress six months to figure out what to do with former President Barack Obama's Deferred Action for Childhood Arrivals program before dismantling it. DACA has given almost 800,000 young people protection from deportation and the right to work legally in the country.

But legislators have not said what tax breaks they plan to eliminate to offset the revenue lost from steep tax rate cuts, which some economists have said could reduce government receipts by more than $5 trillion over 10 years. But Republicans have already rejected revenue-raising options, including a border adjustment import tax and a carbon tax.

RYAN: If we have tax reform that doesn't actually fix our problems, then we'll lose more and more businesses, and the deficit will go even higher.

Vice President Mike Pence had promoted the tax plan at the West Virginia Chamber of Commerce's Business Summit about two weeks ago, saying, "cutting taxes is the single most important thing we can do to restore jobs".

During that meeting, the president claimed the wealthy "will not be gaining at all" from the Republican tax reform plan.

Manchin says he does not expect the plan would target popular tax deductions for mortgage interest and charitable giving. He said lowering taxes also could cause confidence in the population and spur the economy in a term he called, "dynamic growth".

Ryan also resisted the idea that Republicans will end up simply with tax cuts, rather than a broader tax reform bill.

However, he said he still wants to see the details on the tax plan before he signs anything.

"That's what I would expect him to do, take a symbolic but ineffective step", Rosenthal said.

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President Donald Trump is pushing lawmakers to "move fast" on a tax overhaul.

Ryan said, "There is no agreement".

The White House says it will soon release legislative priorities for its plans to overhaul the nation's tax system and to address hundreds of thousands of young immigrants brought to the United States illegally as children.

"We agreed to enshrine the protections of DACA into law quickly, and to work out a package of border security, excluding the wall, that's acceptable to both sides", they said.

KELLY: What is the major sticking point if you had to point to one? This afternoon, the president met to talk about his tax plans with a group of centrist House members.

"If we have the support of President Trump on the kinds of things I just said, getting security and enforcement along with the solution here, that will get a majority of our members because our members support President Trump". "Now it might not work out". Maybe Trump and the Republicans will try to do the same.

Ryan said the outline being worked on now would reflect the consensus of the House Ways and Means Committee, the Senate Finance Committee and the Trump administration.

Back in February, Treasury Secretary Steven Mnuchin said he expected "very significant" tax reform to be passed before Congress's August recess.

There has been no comprehensive USA tax code overhaul since 1986, and starkly different visions embraced by the two parties for how to move forward promise to make the task hard.

He says the wealthy "will be pretty much where they are" and "if they have to go higher, they'll go higher, frankly".

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