03/15/2018

Brady Working on More Tax Cuts

This round is separate from any efforts to fix glitches in last year's overhaul

House Ways and Means Committee Chairman Kevin Brady (R-TX) said this week that Republicans are working on a second round of tax cuts, separate from any efforts to fix glitches in the major tax overhaul passed by Congress in December.

While he declined to offer too many details on what he has in mind, Brady said he definitely wants to extend the tax cuts for individuals that as of now expire at the end of 2025. Only the corporate tax breaks in the Tax Cuts and Jobs Act were permanent.

“While the tax cuts for families were long term, they’re not yet permanent, so we’re going to address things like that,” Brady said. “We think even more can be done. We want to make sure we’re encouraging innovation in America. We want to help families save for the long term.”

While another round of tax cuts seems unlikely to pass Congress this year, the continued focus on tax relief may be helpful to Republicans who are seeking to maintain their majority, especially in the House.

President Donald Trump told business leaders in St. Louis this week he’s been talking to Brady about “phase two” of tax relief.

“It’s going to be something very special,” he said.

This article was provided to OSAE by the Power of A and ASAE's Inroads.