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 Trumps desk in the first 100 days its 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.
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 weve had a head start on this for many years. Were going to be ready to go.
Youre speaking in one voice. Without getting too caught up we could easily lose people. In bullet form tell us whats in your plan.
First this is a tax code not designed to wring money from you which is the one we have today. Its literally built for growth built for the growth of wages of jobs of the U.S. economy. And itll leapfrog
America from dead last among our global competitors back into that lead pack. One were 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 theyre 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. Thats our Built for Growth tax plan.
Very interesting. So your Built for Growth tax plan. People say Republicans are coming in there theyre going to cut taxes its going to hurt revenue and theyre going to promise you growth but its going to grow deficits. Thats what happened in the 80s. What do you say to people who are skeptical?
Look one we designed this Built for Growth tax code to break even within the budget knowing its going to grow the economy. We estimate itll 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.
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?
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 its not nearly enough to buy American. We have to sell American around the world. I think he should fix what doesnt work keep what does work for America in that agreement and were ready to work with him.
Very interesting. China would love for the TPP to fall apart. This was a wedge against them. Well see if he can be won over.
Chairman not many people see you every day but youll 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.