WASHINGTON, July 7 (Xinhua) -- Negotiations between six influential officials from U.S. Congress and White House, known as the "Big Six," will decide whether the Trump administration could overhaul U.S. tax code this year, according to a report published by The Wall Street Journal on Friday.
The group is composed of House Speaker Paul Ryan and Ways and Means Committee Chairman Kevin Brady, Senate Majority Leader Mitch McConnell and Finance Committee Chairman Orrin Hatch, U.S. Treasury Secretary Steven Mnuchin and National Economic Council Director Gary Cohn, the report said.
These officials could sign off on the same detailed framework of tax reform in September, and Congress would then write legislation over the following months, according to the report.
They aim to "overcome in months the internal divides and systemic obstacles that have blocked a major U.S. tax code rewrite for 31 years," the report said.
The Trump administration in April unveiled the principles of the long-awaited tax reform plan that would significantly cut income taxes for Americans and corporates, but many policy details remain undecided.
It isn't clear whether the "Big Six" could reconcile their differences over tax reform.
For example, McConnell has emphasized that the U.S. tax reform has to be "revenue-neutral" as the country has relatively high debt.
But President Donald Trump has indicated that "it is OK" for the tax reform to increase the fiscal deficit in the short term to boost U.S. economic growth.
The "Big Six" also face a daunting challenge even though they are on the same page regarding the tax reform.
"Once they reach agreement, they need to sell a plan to companies and individuals bound to fight back against lost tax breaks and their own party members worried about the big picture and tiny provisions," the report said.
