House Ways and Means Committee Chair Rep. Kevin Brady told FOX Business on Wednesday that he is working closely with President Donald Trump and the Senate to pass a second round of tax cuts, a task he says can be completed by the November elections.
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A key goal, according to Brady, is making temporary cuts for individuals under the Tax Cuts and Jobs Act permanent. “You have to start with permanence,” he told Stuart Varney on the “Varney & Co.” program. “Because you can’t overestimate the importance for growth and for certainty there.”
Furthermore, according to Brady, lawmakers are considering ways to make the tax code more supportive of families as well as growth.
“No one ever regrets saving early,” he said. “Most Americans simply regret saving way too late. So if we can get them in that savings mode earlier… it’s going to help them.”
He said Republicans are also looking at ways to encourage innovation and entrepreneurship.
“America just fell out of the top 10 countries in the world for innovation,” he said. “I want Congress to keep looking at how do we encourage more innovation here in the United States so we can win sort of that innovation race we’re in with other countries.”
Brady added that Republicans are also thinking about making the $11 million estate tax exclusion permanent.