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“It’s hard to square that with incentivizing investment in the U.S.”Republicans have long called for permanent, comprehensive changes to the tax code, but lately they have shown increasing openness to tax cuts with an expiration date. Trump’s idea of allowing firms known as pass-through entities — including hedge funds, real estate concerns like Mr.

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Cohn said the plan was “the most significant tax reform legislation since 1986” — the last time a comprehensive tax overhaul was enacted — as well as “one of the biggest tax cuts in American history,” in line with Mr. As expected, the White House did not include in its plan the border adjustment tax on imports that was a centerpiece of a plan developed by House Speaker Paul D. Brady issued a joint statement with Senator Mitch Mc Connell of Kentucky, the majority leader, and Senator Orrin G.

Ryan of Wisconsin and Representative Kevin Brady, Republican of Texas and chairman of the Ways and Means Committee. Mnuchin said the White House could not support that proposal “in its current form,” setting up an intraparty struggle over the elements of a tax plan and how to offset the deep reductions envisioned. Hatch of Utah, the chairman of the Finance Committee, saying the principles outlined Wednesday would “serve as critical guideposts” as Congress and the administration worked together on a tax overhaul. Trump also signaled support for revisions to the tax code that would help families with child-care costs, although his document provided no details.

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