Home Economy Preparation of White House tax reform plan going slowly, Trump ally admits

Preparation of White House tax reform plan going slowly, Trump ally admits

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         Preparation of White House tax reform plan going slowly, Trump ally admits

The preparation of a tax-reform plan at the White House is going very slowly, said Blackstone Group

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  CEO Steve Schwarzman, a close ally of President Trump, on Tuesday.

“It is very complicated. If the numbers were easy, somebody would have printed it and sent it to you,” Schwarzman said in an interview on Bloomberg TV.

The problem is that some industries may lose cherished tax breaks, he said.

“To accomplish something in the [tax] area, there has to be something taken away from other people to have the revenue to finance the tax cuts,” he said.

Reducing taxes is a fallback as opposed to actual reform, he said.

Schwarzman is chair of the President’s “Strategic and Policy Forum,” essentially an inner circle of business leaders put together by the White House to help Trump implement his economic agenda. The executives met with Trump and five members of his cabinet on Tuesday morning.

In a separate interview on CNBC, Schwarzman said preparation on tax reform was going slowly so there are no mistakes that would doom the effort.

In the Bloomberg interview, Schwarzman indirectly criticized the handling of the repeal of Obamacare.

“I expect a much more deliberate, logical approach [on tax reform] than trying to pass health care in 17 days,” he said.

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