Brady: We get a chance for tax reform once in a generation
Texas Insider Report: WASHINGTON D.C. Ways and Means Chairman Kevin Brady (R-TX) joined CNBCs Squawk Box this morning to discuss House Republicans bold solutions to fix Americas broken tax code grow our economy and help workers families and job creators thrive.
CLICK HERE or below to watch the full interview.
On Why We Need Tax Reform in 2017:
Our economy is just stuck in second gear. We have major tax incentives to move U.S. jobs manufacturing and research overseas. We dont have a level playing field with our foreign competitors.Were falling behind every day of the year so delay really isnt an option. My thinking is we get a chance for tax reform once in a generationand we may not see it for another generation. So this is the year to do the hard work to leapfrog America back into the lead pack in the best places on earth for new jobs.
Back home voterswhether theyre small businesses or familiesare just fed up with this tax code. Everyone knows were falling behind. I think theres great political momentum behind tax reform. Weve still got a lot of work to do no question about it. But look we can actually design a tax code built for growth not just to wring money from people but actually designed to grow jobs and wages in the economy. Its long overdue.
On Ending the Made in America Tax:
I predict at the end of the day not only will we deliver the lowest tax rates on our job creators in modern times not only will we unleash capital investment with immediate expensing but were going to tax products equally in America whether theyre made outside the U.S. or here in America. Were going to lift the Made in America tax on our exports so we can compete and win around the world. At the end of the day were going to eliminate every tax reason to move jobs overseas. Were going to be a magnet. At the end of the day this will not be off the table. Americans support equal taxation in the U.S. and thats exactly what were proposing.
Simple test: Is your product or service consumed in the U.S.? If so it will be taxed at an equal business rate. It doesnt matter where its produced doesnt matter who produces it. Its equal taxation. Heres my belief: true competition always works well for the consumer. As we strengthen made in America exports we are going to sell more around the world. The dollar will invariably strengthen. Those imports will cost less coming in. So Im convinced at the end of the day our economy grows. We have more jobs and companies here in the U.S. All of that frankly is good for a retailer or any other business in America.
