Representative Kevin Brady (R-Texas), chairman of the tax-writing House Ways and Means Committee, told FOX Business’ Stuart Varney that despite a disappointing loss in the Senate for the ObamaCare repeal, Congress will now turn its attention towards tax reform.
Brady is optimistic about the future of tax reform after a joint statement from the House and Senate GOP, along with the White House, was released yesterday.
“One, we’re unified now behind a bold tax reform plan, secondly there is an urgency to get this done this year, and then finally the President’s fully committed behind this approach,” he said.
Brady said that the goal is for tax reform to be sustainable and for it to balance in the budget over the next ten years, and that Congress will not be raising taxes on the wealthy in order to pay for tax cuts for lower income earners.
“What I can tell you is that the Trump tax team, Senate Republicans and House Republicans clearly said yesterday we’re going to lower taxes for individuals, and we’re going to create tax relief at every income level in my view,” he said.
Brady has been a proponent of the Border Adjustment Tax as a way to pay for tax cuts for individuals and businesses. BAT has now been cut from the new tax reform plan, because many Republicans were not in favor of it.
“The truth is it just needs to be set aside now, so we can focus on a unified plan. And so we’ve got work, more work to do as a result to get those rates on our local businesses down as far as we can. That’s what we’ll be spending August doing,” said Brady.