U.S. Treasury Secretary Steven Mnuchin will speak Tuesday afternoon in Columbus about the Trump administration's tax reform plan.
Mnuchin will speak at the Ohio Council of Retail Merchants' annual luncheon at the Athletic Club of Columbus, though the event is not open to the public.
He's scheduled to discuss the impact of the tax reform bill - which is named "The Tax Cut and Jobs Act" - on the country's economy. National Retail Federation President Matthew Shay will moderate the conversation.
The House tax plan would provide about $1.5 trillion worth of tax cuts over the next decade, with the majority going to businesses and high-income individuals. It would reduce the number of existing tax brackets, eliminate a number of tax deductions, and end the estate tax.
Ohio's two Senators, Republican Rob Portman and Democrat Sherrod Brown, are on the committee that will hear the tax reform plan later this week. They both say they want to look at how tax credits for businesses will be handled. Portman said on the Senate floor that a measure to reduce corporate tax will result in higher wages for employees.
Brown said he would like to see businesses that pay employees more than $15 an hour receive tax credits, but in a series of tweets on Monday, criticized the current Senate bill for putting "more than a trillion dollars to wealthy multinational corporations."
That’s what the President says he wants. That’s what I want – and I hope we get there.
Unfortunately, that’s not what this bill does right now.
— Sherrod Brown (@SenSherrodBrown) November 13, 2017
Senate Republicans are scheduled to unveil their version of tax reform Thursday at 3 p.m., though it's expected to differ from the House version.
According to NPR, the Senate bill maintains the current tax brackets but adjusts the qualifying income levels, as well as protects some popular tax breaks on student loans and medical expenses. It maintains protections for 401(k) retirement investments, and unlike the House bill, does not repeal the Affordable Care ACt's individual mandate.