There is a "very clear possibility" that the House could pass its budget next week and clear the way for tax reform legislation to be brought to a vote by Thanksgiving, putting a bill on President Donald Trump's desk by the end of the year, House Ways and Means Committee Chairman Kevin Brady said Friday.
"Our chairman worked with the Senate budget people on the bill they voted on last night, making sure we had common ground in this," the Texas Republican told Fox News' "America's Newsroom" program, "so I think there is a very clear possibility that the House clears this next week."
If that happens, Brady said, it will clear the way for his committee to release the tax reform bill and the timetable for the bill's mark up, meaning the "first action in 31 years since President [Ronald] Reagan's reforms in 1986."
The bill will all pivot off the budget, said Brady.
"When that is signed, sealed, and delivered, we'll announce both for the date for the tax reform plan and the Ways and Means Committee mark-up as well," Brady said, and the public will be able to see what's in the bill for them "very soon."
"This keeps us on the timetable to get this to the president's desk by the end of the year," said Brady. "We know that's an ambitious timetable. We think look, America is falling behind, people are sick of this tax code. It's time to move."
Tax reform will rely on growth and eliminating many special interest loopholes and deductions that clutter the current code, said Brady.
"You have to do both to move us back toward a balanced budget," the lawmaker said. "That's exactly what we're planning. I always want to make one point. If you want to keep these big deficits, just keep the slow growth economy."
At an economy growing at less than two percent, "paychecks aren't increasing. Businesses continue to move jobs and research and manufacturing overseas. If you stay with the status quo and the terrible tax code that allows it, you are certain to increase deficits over time. We intend to change that dynamic."
The cuts also will allow people to keep more of what they earn at all levels, Brady continued, and if the economy can be grown at a stronger level than it is at today, "$4,000 in their take home pay each year, and we know more opportunities for their children and for our local businesses."
Sandy Fitzgerald ✉
Sandy Fitzgerald has more than three decades in journalism and serves as a general assignment writer for Newsmax covering news, media, and politics.
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