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Brady Talks Tax Reform Phase Two and Tariffs on Fox Business

March 16, 2018

House Ways and Means Committee Chairman Kevin Brady (R-TX) joined Fox Business’ “Mornings with Maria” earlier today to discuss next steps on tax reform and tariffs.

On the Tax Cuts and Jobs Act, Chairman Brady said:  

“The optimism along main street is at record highs.  We’re seeing investment come back to the United States.  All signs are pointed up.  And here’s maybe the most important point: the best is yet to come. This tax reform and Tax Cuts and Jobs Act was designed really for the long term: to bring jobs back from overseas, to create that investment here in the United States. That’s where this really pays off for the American people.” 

On a possible phase two of tax reform:

We’re just early in the process. We want to have a thoughtful, deliberative approach.  But here’s my point: America’s not going to settle until we have everyone back to work, with rising paychecks, and families keeping more of what they work so hard to earn.”

He added:

We’ve had several discussions, and now the Ways and Means Committee members are starting to develop what could be in a phase two. But I’ll tell you this: it will lead with permanence. The tax cuts for families and small businesses were long term, but they weren’t permanent. We think that’s important for growth and certainty.”

On whether Democrats would vote for a second round of tax cuts:

“Here is their opportunity. One of their complaints was that the family cuts were long-term but not permanent. They’re going to get a chance to vote on that. What I think most of us wonder is if they’ll go the other way and back Senator Schumer. He is proposing to raise taxes, raise taxes on businesses. And – in those SALT states like New York, New Jersey, and California – restore the alternative minimum tax. That’s an up to $10,000 hit per person in his home state. So we’ll see if Democrats want to back those types of increases.” 

On keeping America competitive in the global marketplace:

“We know our competitors around the world – whether it’s Asia, Europe, and others – are looking to again compete aggressively. If they move forward on lowering tax rates, we’ll do the same. We want to make sure America never falls behind like it did the last 31 years.

On the impact of recent tariffs on steel- and aluminum-consuming businesses:

“In Texas we are a major energy area. We use that steel, we do it to export, we do it to drive pipelines and energy production in the U.S. and around the world. But here’s the point: I think the President is right to target unfairly traded steel and aluminum. He’s absolutely right, we’re backing him on that. We want to narrow this so it doesn’t sweep in fairly traded steel and aluminum and impact our economy.” 

“The other point is this: tariffs are taxes. So lower is better, zero is the best.  And so we’re going to continue to work with the White House and with Secretary Ross. I really think, as we worked with his office over the last week on developing an exclusion process for products, it’s really important that the Commerce Department narrow those tariffs to make sure these fairly traded products aren’t swept in.”