GOP ‘going bold’ on lower taxes, says congressman
“It starts, of course, with the blueprint,” says Pete Sepp of the National Taxpayers Union.
Such a “sketch” has already emerged from the U.S. House, he says, and the Senate is beginning one.
U.S. Rep. Kevin Brady (R-TX) described the tax plans coming from the House in a Fox News appearance last week with Neil Cavuto.
Brady chairs the House Ways and Means Committee, and Cavuto told his audience that Brady has been seeking a tax reform plan years before President Donald Trump won election.
In January, Brady told Cavuto that Republicans will tackle “pro-growth tax reform” that covers both individual taxes and corporate taxes.
“Do you want to see big tax cuts, both for companies and for individuals? Big ones?” Cavuto asked the congressman last month.
“We have to go bold,” Brady responded, “because our competitors have already gone bold.”
He went on to describe plans for the lowest business rates “in modern history” that help the U.S. compete with China, Europe, Canada, and Mexico.
In last week’s interview, Brady again said corporate tax reform and individual rates are likely coming together.
Referring to new plans for three brackets for individual income tax rates, Brady described making the top level at 33 percent, 25 percent for the middle rate, and 12 percent at the lowest rate.
There are currently seven income tax brackets, beginning at 10 percent and climbing as high as 39.6 percent for the highest wage earners.
If legislation is being drafted by the spring with hearings scheduled, says Sepp, “we will be right about on time to deliver a tax reform bill early this fall.”
The objective of Republicans should be to get a bill on President Trump’s desk by the fall, he says.