House panel readying tax bill for early next year—16fh.,b32
House Ways and Means Committee Chairman Kevin Brady (R-Texas) said Tuesday that his committee is preparing to be ready to offer tax-reform legislation early next year.
The exact timing of a committee vote and a House floor vote on a tax-reform bill has yet to be determined and will be based on discussions with President-elect Donald Trump‘s transition team, Brady said at an event hosted by Bloomberg BNA and KPMG.
But Trump has expressed an interest in reforming the tax code early in his first term, and Brady said House Republicans will be ready to meet that timetable.
“We’ll be ready to move this early in 2017,” the committee chairman said earlier in the day at the Wall Street Journal CEO Council annual meeting.
House Republicans released a tax-reform blueprint in June, and since then, they have been soliciting feedback from stakeholders. Brady said at the BNA event that he’s held more than 40 town hall meetings himself, and Americans have told lawmakers that “they’re sick of this broken tax code.”
Through the rest of the year, lawmakers will continue their outreach with constituents, and staff on the Ways and Means Committee will push forward with writing portions of the bill, Brady said.
The blueprint would lower the top individual rate from 39.6 percent to 33 percent and the corporate rate from 35 percent to 20 percent.
Brady said the bill would be revenue-neutral after taking into account the economic growth that it would generate, meaning it will not increase or lower the amount of money coming into the government.
He also said he would prefer that Congress not deal with the expiring tax provisions known as “extenders” during the lame-duck session.
“We should deal with these tax provisions within overall tax reform in 2017,” he said.
Brady expressed a desire for Trump to stop regulations the Treasury Department finalized in October that were aimed at curbing offshore tax deals. While the revised regulations are an improvement over the rules that Treasury had proposed in April, “they are still damaging to our economy,” he said.