Trump's pledge to cut taxes, including a lowering of the rates paid by corporations, was a pillar of his 2016 presidential campaign and provided much of the fuel for the heady stock market rally that followed his Nov. 8 victory.
Spicer noted that Treasury Secretary Steven Mnuchin has talked about August as a target date for tax legislation, but said the timetable could slip depending on how quickly a consensus could be reached.
Getting a broad tax bill passed by Congress and on Trump's desk to be signed into law will not be easy, especially after intra-party differences torpedoed the healthcare legislation, after the Trump administration fiercely lobbied for it.
The stinging defeat alarmed investors who began reassessing the chances for passage of the tax agenda this year. Major U.S. stock indexes opened sharply lower on Monday before paring losses, with the Dow Jones and the S&P 500 ending only moderately down.
Reference: Reuters
Read more: http://www.reuters.com/
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