Conroe, August 16 – United States Congressman and House Ways and Means Committee Chairman Kevin Brady spoke to approximately sixty members of the Conroe Chamber of Commerce on Tuesday, August 15, 2017. “The American people are left behind in our current Tax Code,” Brady told the audience.
Brady has proposed the most significant reform of the Internal Revenue Code since President Ronald Reagan signed the Internal Revenue Code of 1986 into law. His proposal would:
- Lower tax rates at every level’
- Double the standard deduction
- Flatten brackets
- Encourage savings and investments by lower the tax rates on those types of income
- Maintain the home mortgage deduction and the charitable deduction
- Keep the child tax credits
- Close loopholes and end special interest tax breaks
- Lower entity taxes such as on corporations and certain partnerships.
Additionally, Republicans in Congress are discussing whether to simplify tax forms by permitting Americans to file using a simple postcard, to repeal the Estate Tax, and to repeal the Alternative Minimum Tax.
Brady told the guests at his Town Hall meeting, “President Reagan wouldn’t even recognize the Tax Code today, because it’s full of Washington special interest loopholes. Instead, we need principles of fairness and simplicity to government our tax laws.”
The Ways and Means Chairman is attending a major media event at the Reagan Ranch on Wednesday, August 16, to introduce the tax reform bill to the American people and to celebrate the 31st anniversary of the passage of the Reagan tax cuts which sent the American economy and world markets soaring as a result of the Reagan administration’s encouragement of savings and investments. Brady told the gathering that President Donald Trump is committed to this tax reform approach. Brady has told President Trump that he intends to gain passage of comprehensive tax reform through Congress before the end of 2017, so that President Trump can sign the legislation into law before January 1, 2018.
“A top priority for me is to make sure these tax cuts are permanent, since permanent tax reform gives the greatest spur to economic growth,” Brady said. A citizen in the audience asked Brady whether he was concerned that the Congressional Budget Office would refuse to recognize the stimulus effect of Brady’s tax reform proposal and downgrade its economic impact. Brady acknowledged that serious concern, but he told the Chamber members that he will rely instead on an economic forecast which the staff of the Congressional Joint Committee on Taxation will prepare. “We have no control over the left-leaning CBO, but we know the Joint Committee on Taxation will present a fair analysis,” he explained.
“My plan will increase after-tax income by approximately $5,000 per family per year,” Brady forecast.
In response to a citizen question, Brady acknowledged that garnering passage of a budget is necessary before tax reform can successfully move through the House of Representatives and United States Senate. “The budget is the runway for tax reform. The budget need to come to the floor of the House for a vote on final passage by September,” Brady said.
Obamacare and other issues
Brady spent most of the meeting answering questions from the floor.
Brady recognized, “President Trump has an unconventional way of doing things…To his credit, however, we’ve really focused on job creation. The president wants to get government red tape off of local businesses, since America has experienced the worst regulatory environment we’ve ever had during the last 7 years.”
The Congressman blamed the United States Senate for the failure to pass a repeal and replace bill for Obamacare. “Texas has lost 9 Obamacare insurers. No state has lost more. Our health insurance options are rapidly declining. One out of three counties in Texas only have one choice of health insurers.” Brady told the audience that Congress should stop spending time trying to repeal Obamacare, since the votes just are there in the Senate for passage of the reform legislation. Brady said that he would prefer that Congress focus on passing a budget, tax reform, and helping to build up the American military.
“My work with President Trump has been extremely positive. He’s got good people working in the White House who are helping me to get my tax reform bill through Congress.”
At the Reagan Ranch 31 years ago, President Reagan went bold. He told the world that America needed to lower our tax rates and become more competitive. Instead, China, Europe, Canada, and Mexico, our primary world trade competitors, lowered their tax rates and became competitive. Our competitors picked up the Reagan mantle and we stood still. We’re 31st out of the 35 largest economies in the world in terms of our tax code competitiveness. I want to turn that around,” Brady emphatically said to the enthralled listeners. White House and Senate leadership still united on tax code issues