Ways and Means Chairman Kevin Brady (R-TX) joined CNBC’s “Squawk Box” this morning to discuss House Republicans’ bold solutions to fix America’s broken tax code, grow our economy, and help workers, families, and job creators thrive.
CLICK HERE or below to watch the full interview.
“Our economy is just stuck in second gear. We have major tax incentives to move U.S. jobs, manufacturing, and research overseas. We don’t have a level playing field with our foreign competitors. We’re falling behind every day of the year, so delay really isn’t an option. My thinking is we get a chance for tax reform once in a generation—and we may not see it for another generation. So this is the year to do the hard work, to leapfrog America back into the lead pack in the best places on earth for new jobs.”
“Back home, voters—whether they’re small businesses or families—are just fed up with this tax code. Everyone knows we’re falling behind. I think there’s great political momentum behind tax reform. We’ve still got a lot of work to do, no question about it. But look, we can actually design a tax code built for growth, not just to wring money from people, but actually designed to grow jobs and wages in the economy. It’s long overdue.”
On Ending the “Made in America” Tax:
“I predict at the end of the day not only will we deliver the lowest tax rates on our job creators in modern times, not only will we unleash capital investment with immediate expensing, but we’re going to tax products equally in America, whether they’re made outside the U.S. or here in America. We’re going to lift the ‘Made in America’ tax on our exports so we can compete and win around the world. At the end of the day, we’re going to eliminate every tax reason to move jobs overseas. We’re going to be a magnet. At the end of the day, this will not be off the table. Americans support equal taxation in the U.S. and that’s exactly what we’re proposing.”
“Simple test: Is your product or service consumed in the U.S.? If so, it will be taxed at an equal business rate. It doesn’t matter where it’s produced, doesn’t matter who produces it. It’s equal taxation. Here’s my belief: true competition always works well for the consumer. As we strengthen made in America exports, we are going to sell more around the world. The dollar will invariably strengthen. Those imports will cost less coming in. So I’m convinced at the end of the day our economy grows. We have more jobs and companies here in the U.S. All of that, frankly, is good for a retailer or any other business in America.”