The House Ways and Means Committee will have its tax bill out of committee on Thursday, and when the measure eventually becomes law, it will provide tax relief at all levels while giving a vital boost to the nation’s economy, Chairman Kevin Brady said Tuesday.
“Just like any business that’s in financial trouble back home, you have to do two things,” the Texas Republican told Fox News’ “America’s Newsroom” program.
“You have to cut spending and get the costs under control. You have to get new revenue. You have to grow as well. Tax reform is that half of the equation. Getting people back to work, getting companies growing, stop sending our jobs overseas can help us in a big way grow revenues.”
If the nation is able to get away from “this Obama 1.8 percent economy,” economists believes the effects will “last for a decade forward,” the congressman added.
“We get away from that and move into [President Donald] Trump’s strong economy, you can recoup a trillion dollars or more from just good solid tax reform. So this growth helps.”
The tax relief will come at all income levels, Brady said, including local small business people as well as higher earners, and “every American will be better off under this plan.”
“You have to look at your unique situation,” he continued. “What the joint committee confirmed yesterday is yes, the design of this, because it isn’t just about the rates, it is about cutting taxes underneath those rates as well, people are better off.”
House Republicans do want to be on the same page as Trump, who is “leading the charge” for a “big, bold tax cut,” Brady said.
“He wants to see our companies and our jobs, our research come back from overseas,” he said. “It is important for us to be on the same page with him and we are. “
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