Ways and Means Committee Chair Kevin Brady (R-TX) says plans to deliver historic tax reform this year are on track. In an interview with FOX Business correspondent Adam Shapiro, Brady confirmed plans to deliver a bill to the President Trump’s desk before the end of 2017. While National Economic Council Director and Presidential advisor Gary Cohn says the tax reform bill will be made public the second week of September, Brady, whose committee is actually writing the bill, says no specific date has been determined as when to make it public.
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Members of Brady’s staff have been meeting almost every day with staff from the U.S. Treasury department and the Senate working through the details of tax reform. House Republicans have proposed a border adjustment tax or BAT, to help pay for tax cuts but the administration doesn’t think a BAT will work.
Although Chairman Brady says the BAT is a bold idea he is open to other proposals. US Businesses have $2 trillion dollars deposited overseas and lawmakers are looking for tax changes that could help repatriate that money and prevent companies from moving abroad to countries with lower corporate taxes a process known as corporate inversions. “When you look at bold ideas, BAT, solves the problem of Americans moving jobs overseas.” But a BAT, according to Brady is just one possible solution and he continues to work with the Trump White House on other solutions because no decision has been made to include a BAT in the tax reform bill at this time.
Other issues gaining support; allowing businesses to fully deduct investments in new equipment in the first year instead of carrying depreciation forward over several years. Brady says that will unlock business investment, drive growth on main street and help boost productivity. In addition, the Chairman is guaranteeing a simpler tax code that allows Americans to file their taxes on a post card.