Washington, D.C. – Before today’s passage of the final element of tax reform 2.0, House Ways and Means Chairman Kevin Brady (R-TX) joined Stuart Varney on Fox Business’ “Varney & Co.” to discuss the details.

Stuart Varney: “The House is expected to pass a new tax package that makes the tax cuts for individuals permanent. Joining us now, Congressman Kevin Brady, he is the Chairman of the House Ways & Means Committee. Great to have you with us sir. Welcome back.” 

Chairman Brady: “Thank you Stuart, thanks for having me.”

Stuart Varney: “Let me make sure I’ve got this right. The tax cuts for individuals to be made permanent. This new bill would make it easier to save for retirement. And, it would make it easier for small businesses to offer 401k’s. Have I got it right?”

Chairman Brady: “It does, yes. It also helps families expand how their education savings can be used for apprenticeships or paying down student debt and there is a new start-up, sort of an entrepreneur innovation bill that is very positive as well.”

Stuart Varney: “I do believe, that if you can pass this thing, it does help the economy, and it certainly helps an enormous number of Americans. However, it needs 60 votes to get through the Senate, and I’m a little skeptical sir that you’ll get 60 votes.” 

Chairman Brady: “Stuart you’re always skeptical about these things which is what I love about you. You always challenge, we love that. These are three different bills. Yesterday, we had 41 Democratic votes in support of retirement savings and that innovation for start-ups. I think that has a very good chance, with bipartisan support of getting to the President’s desk this year. The permanency bill, that’s separate, will go to the Senate after today. Leader McConnell has made it clear – when he sees a path for 60 votes he’ll bring it forward. I think that’s a fair approach. “

Stuart Varney: “I’m sorry I didn’t realize, it’s split. I thought it was all into one and it was yes or no, and 60 votes. But it’s split up.” 

Chairman Brady: “Yeah.”

Stuart Varney: “Oh, that. I’m sorry I was so skeptical Mr. Brady.”

Chairman Brady: “No, actually everyone thinks the same thing, just so you know. Most people don’t know, we did that so that people could weigh in on these policies where I think there really is strong Republican/Democrat support. We ought to be improving our tax code every year and making it better for businesses and families, and this is a good example of what we can do.”

Stuart Varney: “Congressman, I’m sure you’ll get all Republicans on board today with the House vote. How many Democrats can you pick up?”

Chairman Brady: “So, I don’t know. It was 0 before it might well be that. You know we are in this silly election season. I think, perhaps after the election, there’s a lot of Democrats I think privately support these tax cuts. Like in Franklin Lakes… where you are, a family of four sees a tax cut of $5,700. That really matters for them and so making that permanent and for Main Street businesses. I think as we build this, we may gain some support.”  

Stuart Varney: “Sir, can you tell me if you’ve got any plans to make any tax changes in the next two years beyond these Tax Cuts 2.0?”

Chairman Brady: “Actually we do. First, we have some technical corrections to the bills we passed and we think we can fine-tune some more things on international trade. But, I will tell you this, sort of like apps on your phone, each year we are going to take a look at the tax code and ask, ‘How do we make it fair? More competitive? How do we encourage innovation in America and bring those reforms?’ Some of them, like those apps and updates on your computer, some years will be bigger updates than others. I believe, the way America never falls behind its competitors ever again, is to modernize and update it continuously each year.”

Stuart Varney: “Congressman Kevin Brady, I do so apologize for my skepticism. I hope you’ll let me off on this one.” 

Chairman Brady: “Thank you Stuart.”