On Wednesday, Chairman of the House Ways & Means Committee Kevin Brady (TX), was joined by Representatives Peter Roskam (IL), David Schweikert (AZ), and Carlos Curbelo (FL), at President Ronald Reagan’s Ranch in Santa Barbara, California to deliver a speech about how tax reform will directly improve the lives of all Americans.
As Chairman Brady pointed out, the last time the tax code was updated was in 1986 – 31 years ago. The Chairman claimed, “What we are fighting against is this monster of a tax code. And right now – the tax code is winning. In fact, it’s on a 31-year winning streak.” He delivered this speech from the same ‘Tax Cut Table’ President Reagan signed tax relief legislation that helped pave the way for comprehensive tax reform a generation ago.
The Chairman’s words were encouraging and showed that Congress understands the importance of working together with the House, Senate, and the White House to pass tax reform before the end of the year. He stated, “Together with President Trump and leaders in the House and Senate, we are moving forward now in crafting bold legislation to reform our nation’s tax code in 2017 – legislation that will reduce taxes for all Americans and grow jobs and paychecks nationwide.”
We heard all the right things from Chairman Brady and his colleagues on passing a tax reform this fall that will set fair business rates, simplify the code, and close loopholes.
Chairman Brady himself said, “We are fighting for those same fundamental principles Ronald Reagan did – the fairness, simplicity, and certainty you deserve.”
In addition, Chairman Brady called attention to the lack of motivation in Washington, by stating, “How has Washington responded over these past decades? By sitting on the sidelines and reverting back to bad old habits. Today Americans are watching good-paying jobs, manufacturing plants, and our research and development move overseas to countries with more competitive tax systems.”
While we’re hopeful, Congress still has a lot of work to do when they return to Washington in September in order to pass a tax reform bill by the end of the year. First, they must pass their 2018 budget, then they need to draft the legislation and commit to a timeline to get it passed.
Tax reform is undoubtedly the one thing to get the economy growing again and boost jobs and wages. Let’s not forget, according to the Tax Foundation, tax reform puts an estimated $5,000 back in middle income family’s pockets!