President Donald Trump and the Republican-controlled Congress cannot afford to let the opportunity for tax reform slip this year, said House Speaker Paul Ryan in a speech to U.S. manufacturers. Fred Katayama reports.
President Donald Trump and the Republican-controlled Congress cannot afford to let the opportunity for tax reform slip this year. That's what House Speaker Paul Ryan said before a meeting with American manufacturers. Ryan said he's aiming for the House to produce tax legislation in September. Jeff Tomasulo of Vespula Capital says Wall Street likes the tax cuts talk, but says Ryan's timeline is off. (SOUNDBITE) JEFF TOMASULO, CEO, VESPULA CAPITAL, (ENGLISH) SAYING: "We're going into the summer. Congress is going into their recess. It's going to be very hard to pass tax reform this year. And, if just looking at history, Ronald Reagan couldn't get it done in his first year, and there was a lot less controversy around Ronald Reagan that there is around Donald Trump right now." The Trump administration and congressional Republicans face mounting pressure from U.S. businesses and voters to succeed on tax reform. It was Trump's top pledge during his presidential campaign. It could determine Republicans' fate in the 2018 midterm elections.