House Majority Leader: Expect Tax Reform in 2017

By TaxesFOXBusiness

Tax reform the first step in Trump's plan to boost economic growth

Rep. Kevin McCarthy, (R-Calif.), on President-elect Donald Trump's plans to reform taxes and rein in spending in an effort to boost the U.S. economy.

During an interview on the FOX Business Network’s Mornings with Maria, House Majority Leader Rep. Kevin McCarthy said to expect tax reform in 2017.

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“We already put a plan out in a better way that is close to what President-elect Donald Trump’s plan is about. We are already having those discussions now. You will find during Christmas break when people leave Washington, Ways and Means will stay here, work on that plan now, so we can hit the ground running,” he said.

President-elect Donald Trump’s plan focuses on lowering taxes across the board with fewer tax brackets and a reduction in the corporate tax rate.

“We want to make sure we get it right. That it’s fair. That there is only three rates, that you actually let people keep more of what they earned. You let America’s businesses be competitive and when they are competitive around the world, you let them bring the money back home so they invest back in their businesses,” he said.

McCarthy said tax reform would also move the needle on economic growth.

“It is going to be accomplished in 2017 and you are going to see the fruits of this for centuries to come,” he added.

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