House Republicans are collaborating with Trump on a major tax reform. This will be the biggest tax reform in over three decades.
“We’re talking to the Trump team about timing” for producing written legislation that would slash tax rates on businesses and individuals and remake the U.S. tax code next year, said Kevin Brady, the Texas Republican who chairs the House’s tax-writing panel. “We’re writing provisions of the bill as we speak.”
Trump and House Republicans, led by Speaker Paul Ryan, want dramatic rate cuts. They also want to scrap features of U.S. tax law that they say put American companies at a disadvantage globally — and have spurred companies to leave as much as $2.6 trillion in profit overseas, where it remains untaxed.
“I’m here to tell you tax reform is going to occur in 2017,” Brady said Tuesday in Washington at a conference of tax professionals sponsored by Bloomberg BNA and KPMG LLP. While Trump’s plan differs in some ways from a tax-overhaul “blue print” that Brady and Ryan released in June, the two plans “are kissing cousins,” Brady told reporters after his speech.
Major Tax Reform Coming
It’s good to see President-elect Donald Trump following through with his promises of tax reform. It was very likely that there would be changes to taxes when transitioning from President Obama to a Republican president, along with the Senate and Congress also being Republican majority.