House Ways and Means Committee Chairman Kevin Brady (R-TX) and Tax Policy Subcommittee Chairman Vern Buchanan (R-FL) announced yesterday a series of hearings on how well the new tax law is working.
The first hearing in Ways and Means will take place May 16 and will focus on the positive economic developments since the Tax Cuts and Jobs Act was enacted late last year.
“It is exciting to see tax reform boosting our economy and giving families and workers across the country the relief they deserve,” Brady said. “This hearing series will focus on how the economy is expanding thanks to tax reform and how we are keeping our workers competitive, increasing people’s paychecks, and making America even stronger and more innovative.”
Buchanan added that the new law is “producing results,” evidenced by more employers giving bonuses and pay raises and hiring more workers.
Congressional Democrats dispute the impact of the tax law on economy and on middle-class paychecks. House Minority Leader Nancy Pelosi (D-CA) said this week that the vast majority of the benefits of the tax law go to corporate America. “They masquerade out there that this is a middle-class tax bill but that’s not how it really turns out,” Pelosi said.