Trump wants tax reform bill passed by Christmas

Oct. 31 (UPI) -- President Donald Trump met with business leaders on Tuesday to tout the Republican plan to reform the nation's tax code, which lawmakers won't unveil until Thursday.

Trump said he'd like to sign the legislation into law by Christmas and wants the House of Representatives to pass the bill by Thanksgiving. The signing would be "the biggest tax event in the history of our country."

House Republicans were expected to divulge the plan's details on Wednesday when they release the bill's text. But party leaders indicated to the Hill late Tuesday they would push back the official unveiling to Thursday.

Trump said he expects the bill will appeal to Democrats.

"In fact, I think we'll have some Democrats doing this and voting for us for the reduced taxes because it's a tax bill for middle class; it's a tax bill for jobs, it's going to bring a lot of companies in; and it's a tax bill for business, which is going to create the jobs," he said.

At the White House press briefing later Tuesday, press secretary Sarah Sanders went on the defensive, saying Democrats who criticize Republican tax reform measures are politically motivated.

"Since day one, the president has been committed to jumpstarting our economy and giving hard-working Americans the raise they deserve," Sanders said.

House Republicans are expected to divulge the plan's details on Wednesday when they release the bill's text.

Sanders said she expects the bill to reflect Trump's policies on tax reform. In a September speech in Indianapolis, Trump unveiled a proposal that would condense seven personal tax brackets to three, slash the corporate tax rate and set the single-filer standard deduction at $12,000.

Garnering enough support for the measure may be complicated. Republicans representing districts in some high-tax states have been wary to back the bill over its plans to eliminate the state and local tax deduction.

Those disagreements over state and local tax deduction, as well as potential changes to 401(k) retirement plans, contributed to the delay in the bill's unveiling.