House Ways and Means Committee Chairman Kevin Brady (R-TX) said July 18 he plans on releasing an outline of his “Tax Reform 2.0” package next week.
Brady’s outline is expected to include a number of tax bills that could be passed at the same time this fall, including a measure to make permanent some of the 2017 tax cuts for individuals and pass-through businesses, whose owners pay taxes on the individual side. Right now, those tax cuts expire in 2025. Brady also expects to move a separate bill to address retirement savings, which is one of the few tweaks to the tax law likely to garner bipartisan support.
Brady told reporters this week that the overall goal is to advance a package that “protects and locks in lower tax rates.”
Brady did not specifically say whether he will support reducing the corporate rate from 21 percent to 20 percent – something President Trump has heartily endorsed – but said he’s interested in making more regular improvements to the tax code.
While it’s conceivable that House Republicans act on a “phase two” tax bill, the plan would need 60 votes in the Senate, meaning at least nine Senate Democrats would have to support it.