House Ways and Means Chairman Kevin Brady (R-TX) said May 29 he hopes to have a new tax bill introduced by the time Congress leaves for its August recess.
Brady and other GOP leaders have been talking about a potential “Tax Cut 2.0” that will largely focus on making the new lower individual rates from the Tax Cuts and Jobs Act permanent. Brady may also seek to extend full expensing for businesses. The tax law passed last year permits businesses to fully expense new and used capital investments for five years.
House leaders are increasingly confident a second round of tax cuts would help position the GOP as defenders of Americans’ paychecks just before the midterm elections this fall.
Brady acknowledged a bill might have a tougher road in the Senate but he told POLITICO he can “see an early fall passage out of the House to build momentum.”