House Ways & Means Committee begins work on Tax Reform Bill

The AP  reports that as the House Ways & Means Committee prepared to begin work on proposed tax reform legislation Monday, Chairman Kevin Brady (R-TX) said, “This is our moment to make transformational tax reform a reality.” The AP writes that the committee hopes to mark-up the bill and send it to the full House by the end of the week, and “leaders hope to pass it through the House by Thanksgiving.” It adds, “The tax proposal is the first major rewrite of the US tax code in three decades,” and it “is enthusiastically backed by Trump, House GOP leaders and many rank-and-file Republicans, who are promising a simpler IRS code, a more globally competitive business tax structure, and tax cuts for the middle class and families with children.” The Washington Times  quotes Brady saying, “Today, we stand on the doorstep of delivering the most sweeping tax overhaul in more than 30 years. Our committee has dedicated a substantial amount of time, energy, and work to the pursuit of one landmark goal – delivering tax reform to the American people.” Bloomberg News reports that Brady “has signaled that he intends to allow revisions during his committee’s meetings this week – but not when the bill is on the full House floor.” Brady has promised “four days of open, full-throated debate” on the bill in committee, Bloomberg adds. Politico  reports that “rank-and-file Republicans largely praised the tax bill when it was released last week,” but changes are expected through the committee’s mark-up process. Politico also quotes Brady saying at the start of Monday’s mark-up, “Let me assure you this is the beginning of the tax reform process.”