President Trump scraps tax reform plan after lessons learned from Obamacare repeal attempt

President Trump has thrown out the tax reform plan included in his campaign platform, hoping to avoid another show of fractured support within his own party.

According to the Associated Press, administration officials believe it is unlikely a reworked tax reform plan will be ready before an August deadline previously set by Treasury Secretary Steve Mnuchin. Trump, however, appears set on moving along tax reform legislation just as he did with his attempt at repealing and replacing Obamacare with the GOP's "American Health Care Act."

Republicans were unable to whip conservative Freedom Caucus votes before a House vote on the AHCA, though, and the Trump administration's failure to find compromise on Obamacare repeal has likely prompted a return to the drawing board on U.S. tax system reform.

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As Josh Bock and Stephen Ohlemacher of the Associated Press write, "Some view the search for new options as a result of Trump's refusal to set clear parameters for his plan and his exceedingly challenging endgame: reducing tax rates enough to spur faster growth without blowing up the budget deficit."

While the administration has signaled their desire to pass a tax plan relying solely on Republican majority votes, the previously worked, yet still mainly under-wraps, bill reportedly included consideration for items including a drastic payroll tax cut-- a proposal aimed at appealing to Democrats. The administration has also held listening sessions with House Democrats.

The Ways and Means Committee Chairman, Rep. Kevin Brady (R-Texas), authored a leading legislative blueprint, but Trump has recently postured himself as noncommittal on Brady's bill text.

Brady's bill includes an elimination of corporate deductions on imports -- a border adjustment that could raise a projected $1 trillion over 10 years, resulting in a fund for lower corporate tax rates.

Brady has said he plans to amend his own blueprint, but has not revealed how he would do so. Other options are reportedly simultaneously being shopped on Capitol Hill.