House Ways and Means Committee Chairman Kevin Brady said American businesses can expect some major cuts in the near future during a Wednesday appearance on Fox Business.
House Republicans and President-elect Donald Trump’s transition team are having ongoing discussions on how to best merge their two plans. GOP lawmakers’ “A Better Way” policy proposal calls for the corporate tax rate to fall from 35 percent, one of the highest in the Western world, down to 20 percent while Trump has floated an even steeper cut, bringing the rate down to 15 percent — which Brady said is not out of the realm of possibility.
“It is the largest tax cut for job creators in modern history,” he told host Stuart Varney. “We know the Trump team wants to look at 15, so we were eager to have those discussions.”
While he couldn’t confirm whether the cuts will be backdated to Jan. 1, 2017, he said the topic will be a point of discussion with the administration
Brady went on to stress his belief it is critical for the United States to eliminate the tax on American-made goods the sold overseas if they want to remain competitive in the global marketplace.
“That may be one of the most important provisions to bring jobs and companies back to America,” he said.
Brady has not yet met Steven Mnuchin, the man Trump tapped to head the Department of Treasury, but said he’s looking forward to meeting the man who will play a pivotal role in helping him accomplish his agenda.
“He’s going to play a key role both on tax reform and stopping the Treasury regulations that have just been proposed,” Brady said. “So these are good days for those of us who want to fix America’s broken tax code, and actually make America leapfrog back into the lead of the pack as the best country on the planet to create new jobs and new companies.”
President Barack Obama is expected to propose roughly 98 new regulations before Trump is inaugurated in January.
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