Chairman Brady on Fox News Discusses “Tackling the Tax Code”
Texas Insider Report: AUSTIN, Texas – There has not been a major tax overhaul in America in 30 years. Not since President Reagan was in office. House Republicans say they have a plan on President-elect Donald Trump’s desk, in the first 100 days it’s ready to go.
The question is, what will it look like, and can it pass?
House Ways & Means Chairman Kevin Brady (R-TX) joined Fox News’ “FOX & Friends” recently to discuss how House Republicans and President Trump will work together to deliver pro-growth tax reform, and improve the lives of all Americans.
Brian Kilmeade: Joining us now is the man leading the tax reform effort, Chairman of the House Ways & Means Committee, one of the most powerful people in Washington, Congressman Kevin Brady of Texas. People are wondering, we hear this talk all the time about proposed plans. Are you guys ready?
Cong. Kevin Brady: We will be ready. It is really exciting. We have a president in Donald Trump who wants to fix this broken tax code, get the economy going. So House Republicans, we’ve had a head start on this for many years. We’re going to be ready to go.
Kilmeade: You’re speaking in one voice. Without getting too caught up, we could easily lose people. In bullet form, tell us what’s in your plan.
Brady: First, this is a tax code not designed to wring money from you, which is the one we have today. It’s literally built for growth, built for the growth of wages, of jobs, of the U.S. economy. And it’ll leapfrog America from dead last among our global competitors back into that lead pack. One, we’re proposing a tax code so fair and simple, 95 percent of Americans will be able to file using a postcard system.
Secondly, we lower the rates on our local businesses and redesign how they’re taxed so they can compete and win anywhere in the world, but especially here at home.
Finally, a fairer and simpler tax code demands a fairer and simpler tax collector. So we propose to bust up the IRS, redesign it into a much smaller, tailored agency focused on customer service. That’s our ‘Built for Growth’ tax plan.
Kilmeade: Very interesting. So your ‘Built for Growth’ tax plan. People say Republicans are coming in there, they’re going to cut taxes, it’s going to hurt revenue, and they’re going to promise you growth, but it’s going to grow deficits. That’s what happened in the 80’s. What do you say to people who are skeptical?
Brady: Look, one, we designed this ‘Built for Growth’ tax code to break even within the budget, knowing it’s going to grow the economy. We estimate it’ll grow the economy in America by more than 9 percent and grow wages by almost the same amount. So this revs this economy up because we know one thing. If we want to keep these deficits forever, keep this Obama, slow, disappointing economy.
Kilmeade: This is where you separate from Donald Trump. You want the TPP passed. How many people are with you? How do you plan on convincing him?
Brady: I want it fixed, Brian. Then, I want Congress to consider it on our timetable. Because ultimately, Congress controls the clock. We control the approval. I think President Trump is right on target when he says enforcement first, make countries play by the rules in trade. Boy, we are backing him all the way.
My request on the Asia-Pacific area is, look, it’s not nearly enough to buy American. We have to sell American around the world. I think he should fix what doesn’t work, keep what does work for America in that agreement, and we’re ready to work with him.
Kilmeade: Very interesting. China would love for the TPP to fall apart. This was a wedge against them. We’ll see if he can be won over.
Chairman, not many people see you every day, but you’ll have more impact on their lives than just about anybody else. It will be great to see Democrats on board in some way, shape, or form with some compromise.