Washington, D.C. – Earlier today, House Ways and Means Chairman Kevin Brady (R-TX) joined Stuart Varney on Fox Business’ “Varney & Co.” to expand on what to look forward to in tax reform 2.0.
Varney: The plan is out. I think it’s a great plan––really helps America’s middle class. But, again, my opinion, it doesn’t get through the Senate. Joining us now is the man who wrote it. The tax committee chair Congressman Kevin Brady––I’m sorry to come at you like this, Mr. Brady, I’m very sorry but take me on. I say you haven’t got a prayer of getting 60 votes in the Senate for what, I think, is very good legislation.
“Thank you. So just as I asked you to not write off tax reform too soon, I’ll do the same for 2.0. And here’s why. I don’t know if you’re still living near Franklin Lakes, New Jersey, but that average family of four is going to save 5,700 dollars each and every year––it’s really important to them.
“All we’re asking is that we make that tax reform permanent for them and those Main Street businesses. I think, at the end of the day, that we can gain Democrats’ support. They certainly ought to join with us but we’ll see how that process works.
“The other part of this, we’ve joined some really smart savings encouragements — helping families save more and earlier in life — and these really great startup businesses incentives, sort of shark tank-type moments where you’re growing that business. This is good stuff.”
Varney: So, you want to make the individual tax cuts permanent, we’ve got that. Item number two, you want to make it easier to save for retirement and save for college, I think that’s really terrific. And number three, you want to make it easier for startup businesses to write off new stuff––I got it. Which of those three is going to be the most likely to get through the Senate?
“I think early on there’s been bipartisan support for retirement and education savings. I think there’s very strong support there. I think that this new innovation bill for those startups––it’s just, again, very smart tax policy we think, as well. So, I think that would likely be taken up first.”
Varney: In the back of your mind, Mr. Brady, are you thinking: “I’m setting a tax trap for the Democrats, I’m just waiting for them to vote no on something that is good for the middle class?” Is that what you are up to, sir?
“No, I hope they vote yes because they ought to. If they’re serious about middle class and small businesses along Main Street, join us. I hope they’ll vote that way. And by the way we’re looking at not just one bill but three separate bills so that we can build that bipartisan support if they really want to deliver.”
Varney: You do know, sir, that I do live in New Jersey. I know you know that. Did you also know that your tax cut bill killed me and a lot of other people in New Jersey and New York and Connecticut and Illinois and California. I’m going to pay a lot more in taxes.
“Well as you know this was really focused on the middle class and we deliver there but here’s the good news…”
Varney: That’s me [laughs].
“New York, New Jersey, Connecticut — your states are getting a windfall at the state government. The question is are they going to pocket it or pass it on to you. So, I hope you’ll bring some of the governors and legislators on TV and ask them ‘are you going to pocket this or pass it on?’”
Varney: I have already, in New Jersey [laughs] they’re raising taxes for heaven’s sake!
“Oh, please [laughs].”
Varney: Until then, it was a real pleasure having you on the show. Thank you for being with us Kevin we will see you again soon.