The House Ways and Means Committee advanced the Republican tax reform bill on Thursday sending it to the rules committee next and moving the GOP closer to a legislative victory and overhauling the American tax system.
Continue Reading Below
“This is a big win for the people who are just sick of the status quo and all the special loopholes and all the high tax rates and our jobs still leaving the country and from that standpoint I’m really pleased for the American people,” House Ways and Means Committee Chairman Rep. Kevin Brady (R-Texas) said on Thursday during an interview on FOX Business’ “Lou Dobbs Tonight.”
Treasury Secretary Steven Mnuchin and Senate leaders are confident the newly unfurled Senate Finance Committee tax reform plan is will be the country’s long awaited change.
“America is ready for tax reform again,” Sen. Mitch McConnell (R-Ky.) said during a press conference. “To get growing again, like we know this code will do, to get new jobs and opportunities, significant tax relief [is needed] for the middle class.”
Brady vowed that small business will be able to receive its tax breaks immediately after the bill is signed.
“The amendment today, the final one I offered, actually creates new low tax rate for those small mainstream businesses of up to $75,000, that’s that mainstream deli or donut shop,” Brady said.
Brady said the committee’s 24-16 vote to pass the tax reform bill is “a game changer” for the American people.
“The winner is the American people. People actually being able to file their taxes using a postcard style system and our local businesses no longer saddle with the highest taxes almost in the world able to compete and win anywhere in the world, including on Main Street,” he said.