House Ways and Means Chairman Kevin Brady said Wednesday that Republican senators need to support the tax reform legislation to prevent another legislative disaster.
“At the end of the day, look, given what happened in the Senate in health care reform, I think it’s important for every Republican senator to make the commitment now that they’re going to act in a positive way on tax reform,” Mr. Brady, Texas Republican, said on “The Hugh Hewitt Show.”
He also said that the tax proposal will be on the president’s desk by the end of the year, but acknowledged that it was a big task to complete.
“I think that getting this to the president’s desk by the end of the year is achievable,” Mr. Brady said. “Is it ambitious? Absolutely. President Reagan’s reform took two and a half years. We’re trying to do it in one year.”
House Republicans last week proposed a sweeping tax plan that aims to cut the corporate tax rate to 20 percent and reduce the number of tax brackets to three, consolidating the rates to make filing them easier. They also would end the estate tax — the tax on inherited assets — and the alternative minimum tax required for certain individuals and companies exempt from standard income tax.