House Ways and Means Committee Chairman Kevin Brady (R-TX) yesterday joined Bloomberg News and Fox Business to discuss our work on tax reform legislation that will dramatically improve the lives of all Americans by:
Helping Families Keep More of What They Earn – Regardless of Where They Live
“We are going to work hard to make sure we lower tax rates and allow families to keep more of what they earn regardless of where they live. Right now, the current tax code is double taxation at its worst. It taxes Americans, first local taxes, then it raises their federal taxes higher again and double taxes them. We want to end that so that we lower rates for everybody. People keep more of what they earn regardless of where they live. There is just equal treatment.”
Making American Businesses Competitive Again
“We are scrubbing through the tax code to make sure we can lower the rates for businesses — whether you’re Main Street or a large corporation — by 40 percent. We have to hit that number because this is what the competitors in China, in Europe, in Mexico, and in Canada do. and we are redesigning the tax code so local companies can compete anywhere in the world, including here at home.”
Advancing Bold Legislation This Year
“After this budget is signed, sealed, and delivered by the House and Senate, we’re going bring forward that comprehensive tax reform bill with those brackets and details. And then for the first time in 31 years, we’re going to begin, in serious form, tax reform.”
“The Ways and Means Committee has been working now six years to be ready for this moment. Especially over the last two years as we brought our Better Ways tax reform plan out and worked the framework. We’ve been writing that [legislative] text as we go … we’re in a good place.”
CLICK HERE or the image above to watch Chairman Brady’s interview on Bloomberg News.
Creating More Jobs and Increasing Paychecks for Middle-Class Americans
“We have a couple big goals. One, we want people to keep more of what they earn, that’s the tax cut side. We want to dramatically simplify the code – so no more special breaks for some and headaches for the others. We want to get the economy going, which means raising your paycheck, awfully helpful to the middle-class family. And, by making America competitive and unlocking local businesses, more job opportunities. So what I know is, done right, as we’ve seen in the Kennedy cuts, and the Reagan reforms, you can create a lot more in that family budget than there is today.”
Delivering a Strong Middle-Class Tax Cut
“We want to deliver very strong middle-class tax cuts. We also want to make sure that people get tax relief regardless where they live.”
“We double the standard deduction, so we protect the first dollars you earn. We lower the rates at every level, we increase the child tax credit, make it more available to more Americans – all of which drive the rates down. And don’t forget, that those people who are in the high-tax states, at every level when we take the 10% bracket to zero, the 15% bracket down to 12, they get a tax cut at every one of those levels. So at the end of the day, look at final design, apply it to your family, I think you’re going to see we get tax relief. That’s before the wages and that growth kicks in.”
CLICK HERE or the image above to watch Chairman Brady’s interview on Fox Business.