Advisers: Trump's revised tax plan will resemble Ryan's

Advisers: Trump's revised tax plan will resemble Ryan's
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Republican presidential nominee Donald TrumpDonald John TrumpPoll: Both parties need to do more on drug prices Senate approves .3 trillion spending bill, sending to Trump White House: Trump will delay steel tariffs for EU, six countries MORE is preparing a revised tax plan that will be similar to the blueprint Speaker Paul RyanPaul Davis RyanHouse Republicans grumble about the 'worst process ever' Winners and losers from the .3T omnibus Collins: McConnell has 'kept his commitment' on ObamaCare fix MORE (R-Wis.) unveiled last month, his economic advisers said Wednesday.

“If you like the Paul Ryan plan you’re going to like our plan,” Trump adviser Stephen Moore said at an event hosted by Politico during the Republican National Convention in Cleveland. Moore said the new Trump plan and the Ryan plan will overlap by about 75 percent.

The plan is likely to be released a couple of weeks after the convention in a speech at the Detroit Economic Club, said Larry Kudlow, another adviser.

The pair said that their revised plan would be one-third the cost of Trump's original tax plan.

The proposal Trump released in September of last year was estimated by the free market Tax Foundation to cost about $10 trillion over a decade after factoring in economic growth. It would lower the top individual rate from 39.6 percent to 25 percent and cut the corporate rate from 35 percent to 15 percent. 

In contrast, the House Republican tax blueprint, part of Ryan's "Better Way" agenda, would lower the top individual rate to only 33 percent and would cut the corporate rate to 20 percent. The Tax Foundation estimated that Ryan's blueprint would cost $191 billion after accounting for the plan's economic effects.

Trump's decision to revise the plan could be a sign that he is seeking to bolster his support among congressional Republicans, many of whom have been skeptical of his candidacy.

Ryan initially refused to endorse Trump after he clinched the nomination, and this week in Cleveland said the businessman is "not my kind of conservative."

The Speaker gave Trump a show of support at the convention Tuesday night, though he kept most of the focus on his conference's "Better Way" agenda.

“Next time there’s a State of the Union address, I don’t know where Joe BidenJoseph (Joe) Robinette BidenWhite House would like to see Biden ‘in the boxing ring’ in 2020 Pence: I'd pick Trump over Biden in a fight John Dowd’s resignation sets Trump up for trouble in Mueller probe MORE and Barack ObamaBarack Hussein ObamaJudge orders Walker to hold special elections Mueller investigates, Peters quits Fox, White House leaks abound 2020 Dems compete for top campaign operatives MORE will be. But you’ll find me right there on the rostrum with Vice President Mike PenceMichael (Mike) Richard PenceTrump replaces McMaster with Bolton as national security adviser John Oliver says his parody Pence rabbit book has sold out Charlotte Pence responds to John Oliver's rabbit book spoof: ‘I’m all for it’ MORE and President Donald Trump,” Ryan said.

Moore said the revised Trump tax plan may have a top individual tax rate in the range of 30 percent to 33 percent and would reduce the number of deductions wealthy people can take.

Kudlow said that the revised plan would continue to significantly cut the tax rates for corporations and pass-through businesses. Businesses would also get large write-offs for investments.

"There really isn't a heck of a lot of daylight" between what Trump will release and what House Republicans have put forward, Kudlow said.

House Ways and Means Committee Chairman Kevin BradyKevin Patrick BradyRepublicans open to targeted China tariffs despite steel flap GOP pushes for 'phase two' of tax cuts Lighthizer, Ross set to talk trade on Capitol Hill next week MORE (R-Texas) agreed that the tax plans from Trump and House GOP will be similar.

"I think these tax plans are going to be kissing cousins because they're all in for growth for businesses large and small," Brady said. 

He is encouraged by the fact that Trump and House Republican leadership want to prioritize tax reform. 

"We're preparing this for a vote in 2017," Brady said.