Officials to Release Tax Plan Principles This Week -- Update

Top congressional Republicans and Trump administration officials plan to release their tax-policy principles at the end of this week, said two people briefed on those discussions.

The so-called Big Six officials on tax policy have been meeting for months and are gathering Wednesday afternoon, in what is expected to be their final session before the congressional summer recess.

It is unclear what conclusions they will reach, but the broad strokes -- lower tax rates in a deficit-neutral tax-code revamp -- have generally been agreed on for months.

What isn't clear yet is how the principles released this week will address the House GOP's plan for b order adjusting the corporate tax. House members have been sticking to that idea -- taxing imports and exempting exports -- even though it has faced heavy criticism for months from senators and retailers.

The six officials are Treasury Secretary Steven Mnuchin, White House economic policy chief Gary Cohn, House Speaker Paul Ryan, Senate Majority Leader Mitch McConnell, Senate Finance Committee Chairman Orrin Hatch and House Ways and Means Chairman Kevin Brady.

When Congress returns, lawmakers expect to start the more-detailed tax-policy work. Senate leaders have said they hope to pass a new law by the end of the year but will need to move quickly on policy decisions and votes to meet the goal.

Write to Richard Rubin at richard.rubin@wsj.com

(END) Dow Jones Newswires

July 26, 2017 15:23 ET (19:23 GMT)