Trump Team Kills Border Adjustment Tax, Readies Tax-Cut Push

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A statement from the group known as the "Big Six" - the most senior Republicans in the legislative and executive branch of the U.S. government - said that they "had chose to set this policy aside in order to advance tax reform".

So far, officials have declined to reveal details about their discussions, and there hasn't been any indication that they've answered basic questions, such as how deeply to cut tax rates or whether the lost revenue should be offset, and how.

Read: Here's statement from Congress, White House on tax reform.

But the joint statement from Treasury Secretary Steven Mnuchin, National Economic Council Director Gary Cohn, Ryan, Senate Majority Leader Mitch McConnell and the head of the House and Senate tax-writing committees otherwise offered little in the way of news.

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It is understood that the group, which held a series of meetings on Wednesday night, made a decision to issue an update on tax reform in a bid to show some progress on the issue before the August recess.

"We have always been in agreement that tax relief for American families should be at the heart of our plan", the lawmakers and administration officials said.

"By removing this costly element of reform, the way has been cleared for swift action on a middle-class tax cut that will put more money in the wallets of the American taxpayer". The administration and Republican lawmakers also envision slashing rates for small business "so they can compete with larger ones" and for bigger companies "so they can compete with foreign ones".

The announcement of a potentially more politically-feasible tax plan comes amid mounting pressure on Republican lawmakers to pass bills for any of President Donald Trump's campaign platform items or any of the GOP's talking points for the last eight years. Trump has said he's focused on tax changes that would help the middle class, but an analysis this month of the tax outline the White House released in April shows it would mostly benefit top earners. Party leaders in Congress are hopeful that the current debate on repealing and replacing Obamacare, which is now before the Senate, can be completed quickly, allowing Congress to then turn its attention to the tax code.

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