U.S. House Republicans are working diligently to deliver pro-growth tax reform this year, U.S. Reps. Andy Barr
(R-KY) and Kevin Brady (R-TX) said Tuesday during a business event held at the UPS Worldport in Louisville, KY.
Brady, chairman of the House Ways and Means Committee, has identified cutting taxes, simplifying the tax code, creating jobs and increasing wages as legislative priorities that will create the most comprehensive tax reforms since those resulting from changes made in 1986.
And he also wants to expand investment write-offs for businesses to spark long-term economic growth.
“We’re proposing to lower rates dramatically for every size business, whether you’re a UPS or you’re a mom and pop,” Brady said. “And for a simple principle: we want you to send less money to Washington — we want you to invest more in your workers, in your business, in your future.”
“Our broken worldwide tax system discourages American companies from bringing home over $2 trillion in investments and earnings overseas, which could be used to invest in our communities and our workers,” said Barr.
Americans have struggled “for too long” to keep up with a tax code that’s “inefficient, wasteful and distorts economic activity,” he added.
GOP leaders plan to release a preview of their tax reform plan to colleagues on the House and Senate tax committees and then possibly present more details next month on Capitol Hill before taking up legislation in Brady’s committee.
In July, the so-called Big Six — the GOP leaders of the House and Senate, the chairmen of both chambers’ tax committees, the U.S. Treasury Secretary and the White House’s top economist — said in a statement they were committed to rewriting the U.S. tax code, which they have been working on since.
Brady and Barr relayed that same message during the Louisville event this week.
“We believe there’s an urgency to do this this year, so we’re working closely now — even though we’re not in Washington — we’re working closely to be ready to bring this forward in the fall when we return, all with the goal of getting this to the president’s desk this year,” said Brady.
The GOP members also heard from local business leaders and UPS employees about their views on tax reform and Barr told them he was “very optimistic that the House will move forward with a robust tax reform proposal that fundamentally restructures the U.S. tax code to grow our economy and create jobs.”
“There’s a big reason our economy is not fulfilling what we know it can and our tax code has a lot to do with it,” added Brady.