House Ways and Means Committee Chair Rep. Kevin Brady said on Sunday his committee plans to move tax reform legislation this spring.
“The odds are greater than ever this year to pass tax reform,” Brady, R-Texas, said on “Sunday Morning Futures” with Maria Bartiromo. “We’ve never stopped working. We’ve been running a parallel track on tax reform all throughout health care, as well.”
Republicans’ inability to agree on a new health care plan to replace ObamaCare on Friday would be an impediment to the future of tax reform, House Speaker Paul Ryan said.
“Yes, this does make tax reform more difficult,” Ryan, R-Wis., said. “But it does not in any way make it impossible.”
Brady explained why the lack of a new health plan adds to the already complex matter of tax reform.
“It’s more difficult because the ObamaCare taxes—a trillion dollars on small businesses, on families, on the economy—stays in place, and it will. Those taxes will stay in place as long as ObamaCare stays in place.”
Additionally, Brady discussed whether a border-adjusted tax would be included in the GOP’s plan. As of now, the White House still has not agreed to such a tax, which would allow government to slap fees on companies importing goods into the U.S.
“The main reason for having that there is our competitors,” said Brady. “We want to simplify the tax code, which is what border adjustment does. It also eliminates any tax incentive to move manufacturing jobs or headquarters overseas. And so taking that out would have severe consequences.”