Via Fox Business
Rep. Kevin Brady (R-Texas) of the Ways and Means Committee said Wednesday Republicans are “still on track” to deliver major tax reform this year, despite Senate Majority Leader Mitch McConnell’s (R-Ky.) announcement Tuesday to delay the vote on the Senate’s health care bill until after the July 4th recess.
“Thankfully Ways and Means Committee Republicans have been working five years toward this moment in history to be able to do tax reform,” Brady said during an interview on FOX Business. “We’re working closely with President Trump’s team and the Senate on this as well to get toward a single unified tax reform plan – a redesign of the way we tax in very fair, simple, pro-growth way.”
A corporate tax cut, cutting the tax rate for small business operators and individuals, as well as giving “businesses full and unlimited expensing,” are the priorities within the GOP’s tax overhaul plan said Brady, but he added that “tax cuts alone won’t make you as competitive, certainly won’t drive more jobs and supply chains our direction.”
“We’re pushing for tax reform, bold, permanent, doing it now in 2017. And our goal is to leapfrog America from 31st in the world in tax code competitiveness, into the top three. And to do that, we’ve got to redesign the way we do it,” Brady said.
Via Radio Fox News
Chairman of the House Ways & Means Committee Congressman Kevin Brady (R-TX) joined Brian Kilmeade to discuss the healthcare bill currently on the Senate floor. The Congressman was frank when talking about the current state of healthcare in the United States, “The truth is Obama-Care is failing.” He goes on to say that this bill will create over a trillion dollars in tax cuts and would be the first reform of Medicaid since its inception. While from the outside it may seem that everyone in Washington is solely focused on healthcare, that however couldn’t be farther from the truth. “We are laser focused on tax reform and are working with the Senate and the White House towards one singular tax reform plan.”
President Trump’s top lieutenants and congressional leaders projected unity and claimed forward movement Tuesday evening after meeting at the Capitol to discuss tax reform, even as they remained unusually tight-lipped about their discussions.
“We’re moving forward,” Sen. Orrin Hatch of Utah, the chairman of the Senate Finance Committee, said upon leaving the half-hour-plus meeting held at Senate Majority Leader Mitch McConnell’s office. Republican leaders and top tax-writers met with Treasury Secretary Steven Mnuchin and National Economic Council Director Gary Cohn, after leadership met earlier in the day with Trump at the White House. At that meeting, Trump promised “the biggest tax cut in our country’s history.”
Hatch acknowledged, however, that lawmakers are not close to a final product. Congressional Republicans and the administration say they want to devise a single, unified approach before drafting tax reform legislation.
Nevertheless, Hatch said, “everybody was in sync there, and we felt very good about what we talked about.”
Addressing reporters Tuesday evening on his way through the Senate, Mnuchin said only that it was a “very productive meeting with leadership” and that he and Cohn spoke about a number of issues.
While Trump has said that overhauling the tax code is a top legislative priority, some supporters have raised concerns that the time to accomplish legislation is slipping away as Republicans work on an effort to repeal and replace Obamacare.
Also, Republicans are still debating several major questions regarding tax reform, especially whether the plan would be allowed to add to the federal debt, whether it would be a permanent overhaul or a temporary tax cut and what tax breaks would be eliminated to pay for tax rate reductions.
“We’re on schedule,” Cohn said Tuesday while pushing past a group of reporters.
Talking to reporters earlier in the day, House Ways and Means Committee Chairman Kevin Brady said the administration is debating different ways of broadening the tax base by cutting breaks to offset revenue lost by lowering rates.
“They are exploring ideas, and maybe, more importantly, we are together going to find common ground,” the Texan said.
HUNTSVILLE, Tex. (KBTX) – Memorial Day services took place all across the Brazos Valley Monday. That includes one at the HEARTS Veterans Museum in Huntsville.
Master Sgt. Major Mathew Brady, keynote speaker and brother to Congressman Kevin Brady, honored his fellow veterans with uplifting words for the men and women who fought for this country.
With the help of the Huntsville men’s choir, the museum opened its doors free of charge to the public to honor and recognize all veterans.
“Memorial Day is really, I think, a wonderful day of the year. Because were so grateful for the sacrifices that keep our freedoms, but also reminds us of our obligations to take care of those that are in the service and who have served us,” said Brady.
The HEARTS museum hosts the event annually.
Via CNS News
If the smart money folks on Wall Street think a special counsel to oversee the Russian probes spells defeat for business tax cuts, they’re leaning well over their skis.
The Dow Jones industrial average sold off over 300 points on Wednesday, but it may have come back to its senses with a 140-point gain on Friday. And while there’s never 100 percent probability in forecasting political risk, it seems the likelihood of health care reform by the summer and tax reform by year’s end (or early 2018) is quite high.
Paradoxically, special counsel Robert Mueller will provide cover for President Trump, as it will take him many months to complete his investigation. The leaks are going to dry up. By law, information on the probe must be protected. So, whatever the outcome, Trump will have months without the attack headlines in which to sell his tax-cut plan.
Meanwhile, amid all the controversies, the GOP Congress knows it could get whacked in next year’s midterms if it doesn’t govern — a big incentive.
And Trump still has the backing of his core base, which is at least 40 percent of the electorate. These disenchanted voters may not agree with everything he says. But they still strongly believe Trump is their best chance to drain the swamp — to overturn the Beltway elites, to deliver border security, to improve trade deals and to cut taxes and regulations to deliver the full-fledged deeply rooted sustainable prosperity we haven’t seen in 20 years.
Warts and all, Trump and his polices is still their vote. (He needs to go out there and rally these folks.)
And all this talk of impeachment based on obstruction of justice is just Democratic political pap. George Washington University law professor Jonathan Turley, who is no partisan, calls it “an awfully thin soup.” Former federal prosecutor and National Review contributor Andrew McCarthy says, “the basis for claiming at this point that President Trump obstructed justice is not there.” Acting FBI director Andrew McCabe told Congress there’s been no interference in the FBI’s investigations and no request for additional funding.
And if Comey did write a memo about obstruction of justice, he is legally obligated to report it to the highest levels of the Justice Department. Failure to do so could invoke criminal charges.
Why did he wait until he was fired to have his leakers put this out?
Yet behind all this mess, House Speaker Paul Ryan keeps telling people that Congress can walk and chew gum at the same time. He’s right.
Look, the House has already passed a replacement of Obamacare. And a Senate health care working group led by top Republican leaders, including Sens. Lamar Alexander and Ted Cruz, is making progress resolving key issues between moderates and conservatives. There’s no reason why the American Health Care Act can’t become law by the August recess.
And that opens the door for taxes.
House Ways and Means Committee chair Kevin Brady just began expert tax hearings. After the recess, Brady will likely convene a markup session.
Rep. Peter Roskam, who chairs the congressional tax policy subcommittee, said last week, “I’m of the view that 2017 is the year.” He thinks tax reform is easier than replacing Obamacare.
So, following a markup, Ways and Means can report out a bill. And because prosperity is America’s No. 1 issue, it will pass the floor relatively easily. And that will put pressure on the Senate to get moving.
It’s likely that a tax cut working group will again convene to hash out important details. The border-adjusted tax, or BAT, will have to go. But the very core of the tax bill is a simple three steps: a deep corporate tax-rate cut, immediate expensing for new equipment of all kinds and the repatriation of offshore cash. This is the tonic that will restore capital formation, productivity, real wages and growth.
Both Senate and House leaders have to understand how flexible reconciliation is. It can be nearly anything you want it to be. The key player is Senate President Mike Pence, who can overrule the parliamentarian.
Congressional leaders should heed the words of Treasury Secretary Steven Mnuchin, who has become the administration’s leading spokesperson for economic growth and lower tax rates. He told the Senate Banking Committee last week, “What I have said repeatedly is that any plan we put forward we believe should be paid for with economic growth.”
He is estimating a 3 percent growth rate by 2021. I suspect it will arrive faster. And the difference between growth of less than 2 percent from the Congressional Budget Office and 3 percent growth is well over $3 trillion in additional revenue. It’s the mother of all pay-fors.
And lowering marginal tax rates across the board, especially on large and small businesses, will foster the mother of all prosperities — the one for which middle-class Americans in all those red counties that voted for Trump have been yearning.
WASHINGTON, D.C. — Amid the hubbub in Washington, DC, the Ways & Means Committee continues its laser focus on our once-in-a-generation opportunity to fix Washington’s broken tax code – and finish it this year.
We continue to meet frequently with President Trump’s tax team and Senate leaders to work together toward a unified tax reform plan to grow jobs, grow wages and grow America’s economy.
Last week our committee held a major congressional hearing where business people representing from 80 middle class workers up to 80,000, urged Congress to “go bold, go permanent and go now” to make American workers and businesses competitive again.
It won’t be easy.
Special interests, lobbyists and media like the Houston Chronicle continue to defend the status quo which favors foreign workers and products over American workers and products.
But a new Harvard-Harris poll shows 62% of registered voters – and 80 percent of Trump voters – support ending the “Made in America’ tax by border adjusting our taxes like our competitors China, Europe and Mexico already do.
It’s really a simple question: Do we continue Washington’s current practice that gives special tax breaks to foreign products over American products or do we begin to tax all products equally in America?
Today’s outdated tax code encourages American businesses to move their jobs and companies overseas. The House Blueprint ends these lobbyist loopholes and creates strong incentives to move jobs, plants and new research back to the U.S.
Which do you support?
My friend Justice of the Peace Wayne Mack is being sued in federal court by an extreme anti-religious organization because of his courtroom tradition of having a guest chaplain offer an invocation before each session of court in Montgomery County. His practice is warmly received by his constituents, and also respects the rights of those who wish not to participate. It has already been upheld twice in Texas.
Make no mistake, this hollow federal lawsuit is designed specifically to intimidate Judge Mack and others who refuse to erase religion from American public life. I am working with Judge Mack’s legal team to ensure this federal lawsuit fails. I hope you’ll stand with Judge Mack and support his courageous fight for religious freedom.
Monday, May 29 is Memorial Day when we honor those military members who gave the last full measure in service to our nation.
Among many memorials that day, I will join my brother, U.S. Army Command Sgt.Maj. Matthew Brady, as he keynotes the Memorial Day event that evening at the HEARTS Museum in Huntsville.
True heroes are those who selflessly put their own lives in jeopardy to save others.
Sgt. Truman Kimbro of Madisonville was one such hero who was posthumously awarded the Medal of Honor for his actions during World War II in Belgium.
Assigned to prevent German tanks from attacking retreating American soldiers, Sgt. Kimbro singlehandedly crawled into the crossroad to lay anti-tank mines. Though mortally wounded, he completed his mission saving countless American lives.
On Memorial Day we stop to thank and honor heroes like Sgt. Truman Kimbro. All their loved ones do is ask that we never forget their sacrifice. Join us that day, or simply say a prayer for them, their families and for our great nation.
Via Radio Fox News
“Here is the good news, if they stay somewhat close to it, we can dramatically slow the growth of Medicaid, that’s an $880 billion dollar savings but more importantly the first true reform of the fastest growing entitlement, the first true reform since it was established so I hope they stay close there to what we developed. The whole bill has 100 plus billion in savings because we get rid of all those tax increases, get rid of the mandates, get rid of the subsidies so that could help us get to a balanced budget as well. So I am hopeful the senate, they need to work to improve it, make it better at every point but those savings we created we are going to need.”
—-Kevin Brady on his hope the Senate’s version of healthcare reform is close to the House’s version
Congressman Kevin Brady (R-TX) Chairman of the Ways & Means Committee, spoke with Brian Kilmeade about how tax reform will grow our economy and improve the lives of workers, families and job creators to help deliver a balanced budget over the next 10 years. Brady went on to talk about how the Democrats are trying to overturn the elections with their calls for impeachment and dispel any notion the GOP is divided over President Trump.
Brady on democrats trying to overturn the election
(Kilmeade) Do you think Democrats are looking to overturn the election with their attacks on the White House?
(BRADY) You know I do, I do. The quick calls for impeachment we have seen going on, the attacks daily on President Trump and his administration are just relentless and yeah, I think they are trying to do through the media in these attacks.
Brady on talk republicans are abandoning President Trump and the best way for the GOP to keep their majority in congress
(BRADY) No, I don’t believe that. I know the House best because this is where I serve and I don’t see that at all. In fact, our belief is the best way to keep our majority and change the direction of the country is to deliver on our promises with this President on healthcare, on tax reform, on regulation on security. Let’s just do what we said we would do.
Via Washington Times
House Republicans kick-started the next steps on tax reform Thursday, soliciting input from business executives on what they’d like to see in an overhaul, and warning against any delays in a “once-in-a-generation opportunity” to rewrite the code.
Speaker Paul D. Ryan said he’s confident tax reform will happen by the end of the year, brushing aside other Republicans’ suspicion that the lift is too big to fit into the next seven months.
Vice President Mike Pence, meanwhile, pledged that the “most consequential tax cut” in the country’s history will ultimately become law.
The plan will start in the House Ways and Means Committee, which is the chief tax-writing panel on Capitol Hill, and Chairman Kevin Brady set the parameters for his members Thursday.
“Now is the time to go bold. Now is the time to deliver real results for the American people,” the Texas Republican said as he kicked off the hearing.
Witnesses who testified on Thursday included John J. Stephens, senior executive vice president and chief financial officer for AT&T Inc., Douglas L. Peterson, president and CEO of S&P Global Inc., and Steven Rattner, who served on former President Barack Obama’s auto task force.
Via Fox News
This is a rush transcript from “Your World,” May 18, 2017. This copy may not be in its final form and may be updated.
NEIL CAVUTO, HOST: All right, a quick peek at the market today, up 56 points. We have the treasury secretary on Capitol Hill. He’s still very optimistic that tax reform is going to happen.
Is the guy who has been shepherding this process before anyone else just as confident?
The chairman of the House Ways and Means Committee joining us exclusively right now, Kevin Brady.
Mr. Chairman, very good to have you. Thanks for taking the time.
REP. KEVIN BRADY, R-TEXAS: No, thanks, Neil. It’s a good day on tax reform, in my view.
CAVUTO: Yes. OK.
Let’s talk a little bit about that, because everyone is thinking that you are going to have like a Comey kind of investigation, Robert Mueller distraction, all of that kind of thing going on that is going to push your priorities way back.
BRADY: Yes, and I don’t think that’s the case.
Look, I — one, we’re working every day, weekends, evenings on this, the Trump tax thing, Secretary Mnuchin, Gary Cohn, same thing. We’re meeting regularly on all of this.
So, look, we’re still focused on delivering this in 2017. I think Secretary Mnuchin’s testimony today confirmed that. And the Ways and Means held a major hearing on tax reform. And the message from those job creators — and some have 80 workers and some have 80,000 — was, go bold. Go permanent. But go now. Get this done this year.
CAVUTO: And there are similar sentiment in among your Senate colleagues, the same thing, right?
BRADY: Yes, there is. I think there’s strong support for this.
And so, look, there is a lot of these other noise issues, but, boy, we’re just so focused on tax reform. We have to deliver it this year.
CAVUTO: Do you think tax cuts should be revenue-neutral, Chairman?
BRADY: Yes, to be — I think tax reform ought to be permanent.
If we want businesses to make those investments, both here in the U.S. and to bring their supply chains back to the United States, this can’t be a temporary measure. And if you’re looking for the most growth for the greatest number of years, go bold, make it permanent and certain and, by the way, make it balanced within the budget. And I think we can do all three.
CAVUTO: All right, so that seems to not quite jib with the president, who says he wants to prime the pump. He was telling the economists that sometimes — I think what he’s saying there is you have to go into deficits before you come out of them with some big revenues from tax cuts.
BRADY: Well, and I think he’s right. And I don’t think the two are mutually exclusive.
I think we can — we will, I think, in every bold tax reform, we are going to lose some revenues in those early years. You’re going to make them back in later years. But, more importantly, if you do it right, and you make it permanent, you are going to see even greater growth through all of those years.
CAVUTO: All right, so, I guess here’s where I’m confused, sir, on revenue neutrality. I don’t mean to put either you or our audience to sleep, even though you know this stuff like the back of your hand, is that you are not necessarily of the opinion right off the bat that tax cuts have to be paid for, but that over a 10-year horizon, they do?
BRADY: Yes. Yes.
BRADY: And, look, that’s a traditional approach on the budget. You can measure it pretty well.
And so, that way, look, that way, we can also pass it to the president’s desk with 51 votes in the Senate. So, that gives us the vehicle not just to go bold and deliver it, but to make it permanent. That’s why we’re focused on that approach.
CAVUTO: All right, so, let’s say, hypothetically, sir, this were a fall event after the health care rework and they make progress there in the Senate, sent it back to you, whatever. I know that has to be done first.
Is it your goal to make these tax cuts, whenever you and however you agree to them, retroactive to January 1? Or is it too late in the year to even consider that?
BRADY: Yes, great question. I think timing will drive a lot of that.
I think some of these provisions…
CAVUTO: What is a drop-dead date by which time it’s too late to consider going retroactive?
BRADY: Yes, not known, to be honest.
Obviously, if we were finishing this midsummer, by August, you would be retroactive. Later in the year, it’s maybe a different call.
But some provisions I think be immediate, like the full and unlimited expensing will hit day one. So it really depends on the timing.
CAVUTO: All right, now, a lot of the changes that you guys were making, for example, in the health care law, a lot of those taxes go away and a lot of them go away this year, but not all, right?
So, under the bill the House passed, almost all of them go away as of January 1 retroactive, which I think really helps on the economy as well.
And certainly for us, we need a trillion dollars out of the economy — of those tax hikes out of the economy.
CAVUTO: Is it your sense, Congressman, that these differences and what’s going on with the president and now all of these — he calls them distractions, Democrats say they’re justifiable questions about overuse of power, that it is going to be a very divisive summer, in that just if you were hoping for Democratic support on what you’re doing on taxes, you’re just not going to get it now?
BRADY: I think it was always going to be difficult.
Today’s hearing, most of the Democrats in the Ways and Means Committee talked about the need to do overall comprehensive tax reform, lower rates, actually help the middle class. Now, they have some different conditions on how to do that.
That is a fair discussion, in my view. And at the end of the day, will they support a major Trump tax reform plan? I don’t know. But, in fact, we’re meeting with Democrats in the House yesterday, right after this TV interview as well, just to try to see if there is common ground.
CAVUTO: All right.
So, real quickly, then, is it your sense now that you will still have a tax package ready, that if it goes into next year, it’s unlikely to happen next year?
BRADY: Yes, we’re focused on this year. I think this is where the momentum is going to be. We have got the right people in place. And in my view, and the president is still willing to lead and his team deeply engaged.
CAVUTO: All right, Kevin Brady, House Ways and Means Committee chairman, thank you, sir, very much.
BRADY: Thank you.
CAVUTO: All right.