Brady Expects Agreement on Tax Deduction Before Bill Is Released

House Ways and Means Committee Chairman Kevin Brady, R-Texas, said Wednesday that he thinks Congress will reach a compromise on the state and local tax deduction before the GOP releases its tax reform bill next week.

"We are working toward a solution. I expect before the bill is laid out next week that the solution will be announced," the congressman said at a Christian Science Monitor breakfast, according to The Hill. "It's a work in progress, but I think we're making good progress."

Despite disagreements between House Republicans in high-tax states like New York, California and New Jersey, Brady is hopeful that a deal will be reached soon.

"I do expect to reach an agreement with our high-tax lawmakers, because I think it's vitally important that we help Americans keep more of what they earn regardless of where they live, especially in states that have burdensome local and state taxes," Brady continued, according to The Washington Times.

"No decision's been made on a top rate," he said, according to Bloomberg. "We also have not set the brackets and the income levels because we want to make sure we're addressing the concerns from members in high-tax states."

"We think there is a way forward to help [blue-state lawmakers] with some of those local taxes, especially in the area of property taxes, so that's where we're having very good discussions with those lawmakers."

He added, "we want more Americans to save more. We want them to save earlier in their life. Right now we are not a nation of savers."

"We think in tax reform we can create incentives for Americans to save more and save sooner which can help," Brady said. "We are exploring a number of ideas in those areas."

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