Exhausted but exhilirated, Congressman Kevin Brady was back in Texas on Friday morning. Brady was still reveling in the excitement that came with the House of Representatives’ vote to approve a historic tax-reform bill that Brady introduced.
What passed the House with a 227-205 vote was the biggest revamp of the U.S. tax system in three decades.
On Friday, Brady spent a few minutes on the telephone talking to reporters about the tax-reform plan that still has a way to go before it reaches President Trump’s desk for a signature. Brady, the House Ways and Means chair, believes that will happen before people hang their 2018 calendars on the wall.
“Yesterday was a crucial step and a historic step, but it’s not the last step,” Brady said. “I’m working to make this tax-reform bill better at every step of the way. In fact, this morning, our tax team began work on improvements to the bill as we continue to listen to the American people about what they want to see in a 21st century pro-family, pro-growth tax code.”
Brady said if approved, the House tax bill will create 74,000 new jobs in Texas and increase paychecks on average by approximately $2,500.
“This is not just about a fairer, simpler tax code, which we desperately need. It’s not just about making America leapfrog us from nearly dead last among our global competitors into the lead pack and getting those jobs back,” Brady said. “It is also about tax relief and higher paychecks.”
Before any tax-reform bill becomes law, adjustments and compromises will have to be made.
The Senate’s Republican-led tax panel submitted its bill hours after the House voted Thursday. Like the House bill, the Senate measure would slash the corporate tax rate and reduce personal income tax rates for many. The Senate’s bill also moves toward ending the Affordable Care Act’s requirement that everyone in the U.S. have health insurance.
The repeal of the so-called individual mandate is part of a GOP tax cut bill that’s a top priority for President Donald Trump and the Republicans.
The Finance Committee voted 14-12 along party lines to approve the tax overhaul bill and send it to the full Senate for anticipated passage the week after next.
“The Senate will take up their bill when they return (to Washington) after Thanksgiving,” Brady explained. “Once that’s passed, we will go to a conference committee that will iron out the differences and bring it back to both the House and the Senate to pass. Right now, we are on schedule to deliver tax reform to the president’s desk by the end of the year.
“There are differences between the House and Senate bills,” the congressman added, “but there’s an awful lot of common ground as well. I think it’s healthy that they have new ideas on tax reform, but what’s encouraging is that both the House and Senate are driving toward the pro-growth bold tax reform that we agreed with the president we would do.
“You may recall that we spent three months — the House, Senate and President Trump’s team — drawing a target on the wall. This is the pro-growth tax reform America deserves. Both the House and Senate are driving toward the exact same target. That’s why I think, while there are some differences, there’s a lot of common ground and we’ll find even more when we work it out in the conference committee.”
Brady said he’s excited about the work he’s doing on a tax code he called “the worst tax code maybe on the planet.”
“It’s costly, it’s complex, it’s unfair and it’s just loaded with special interest provisions and lobbyist loopholes that favor some over hard-working Americans,” he said. “This past week has really been amazing. We are making history for the American people. The House of Representatives delivered bold, tranformational tax reform for the first time in 31 years that will lead to more jobs, fairer taxes and bigger paychecks.
“When I talk to my neighbors and local businesses in Texas about what this bill will mean for their lives, this is what I tell them: You’re going to see more jobs created on Main Street in your community. You’re going to see jobs come home from overseas. You’re going to see bigger paychecks. You’re going to have an easier time filing your taxes. And you’re going to have more of your hard-earned paychecks to use how you choose to use it.”
