House Ways and Means Committee Chair Rep. Kevin Brady said on Sunday his committee plans to move tax reform legislation this spring.
â€œThe odds are greater than ever this year to pass tax reform,â€ Brady, R-Texas, said on â€œSunday Morning Futuresâ€ with Maria Bartiromo. â€œWeâ€™ve never stopped working. Weâ€™ve been running a parallel track on tax reform all throughout health care, as well.â€
Republicansâ€™ inability to agree on a new health care plan to replace ObamaCare on Friday would be an impediment to the future of tax reform, House Speaker Paul Ryan said.
â€œYes, this does make tax reform more difficult,â€ Ryan, R-Wis., said. â€œBut it does not in any way make it impossible.â€
Brady explained why the lack of a new health plan adds to the already complex matter of tax reform.
â€œItâ€™s more difficult because the ObamaCare taxesâ€”a trillion dollars on small businesses, on families, on the economyâ€”stays in place, and it will. Those taxes will stay in place as long as ObamaCare stays in place.â€
Additionally, Brady discussed whether a border-adjusted tax would be included in the GOPâ€™s plan. As of now, the White House still has not agreed to such a tax, which would allow government to slap fees on companies importing goods into the U.S.
â€œThe main reason for having that there is our competitors,â€ said Brady. â€œWe want to simplify the tax code, which is what border adjustment does. It also eliminates any tax incentive to move manufacturing jobs or headquarters overseas. And so taking that out would have severe consequences.â€