Rep. Kevin Brady, chairman of the House Ways and Means Committee, on Sunday stressed the importance for lawmakers in Washington to pass a budget plan in order for tax reform to be completed.
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“No budget, no tax reform; that’s clear,” Brady, R-Texas, told Maria Bartiromo on “Sunday Morning Futures.” “That really needs to be completed by mid-October because that gives us the runway -- the rules -- that allow us to land tax reform on. When that budget is complete, the [House] Ways and Means Committee will bring forward and begin action on tax reform.”
While top GOP lawmakers and Trump administration officials -- known as the “Big Six” -- remain divided on tax reform, House Republicans still promise to release more details about their latest plan next week.
“You’ll see details about our business and individual rates that we proposed going forward on tax reform, a dramatic simplification of how we tax so families can keep more of what they earn and our businesses can compete anywhere in the world and win, especially here at home,” Brady said, adding that there won’t be details on “every aspect” of the tax code.
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Brady’s Republican counterpart in the Senate, Ted Cruz, recently outlined his ideas for tax reform, based on the principles of “growth, simplicity and fairness.” His plan includes creating a low, flat rate; lowering the corporate rate; the ability to file taxes on a postcard; and allowing immediate expensing, in an effort to promote jobs and greater incomes for Americans.
“The best lever for job growth -- for more jobs and higher wages -- is cutting taxes and simplifying taxes,” Cruz told Bartiromo last week on “Mornings with Maria” on FOX Business.
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Brady said his committee welcomes Cruz’s ideas, including his proposals for a postcard-style system and expensing, which the Texas congressman said is key to growth and boosting the U.S. economy.
“We want to drive our business rates, for every size business, as low as we can. And then we want to drive the incentives for investment as high as we can,” Brady said.