CCH Tax Day Report
The House Ways and Means Committee is scheduled to hold its first full committee tax reform hearing of the season on May 18. House Republican leaders met on May 17 to discuss the next day’s hearing and to underscore the shared goal of comprehensive tax reform between House and Senate Republicans and the Trump administration.
“It’s time to lower taxes for all Americans on every income level,” Ways and Means Chairman Kevin Brady, R-Tex., told reporters on May 17.” It’s time to cut the sky-high tax rate on businesses so that American headquarters and American jobs no longer move overseas for a better deal,” he added. Brady called the hearing scheduled for May 18 a “major hearing on tax reform,” that will examine tax policy related job growth, wages and the economy.
According to House Speaker Paul Ryan, R-Wis., the hearing will be an opportunity to examine how pro-growth tax reform will impact jobs and growth the economy. “For us and for the Trump administration, this means lowering tax rates for hard-working Americans, a simpler tax code so families can fully and finally understand their taxes; slashing business tax rates so businesses can compete on a level playing field; encouraging companies to create jobs and make things here in America, rather than overseas; and reining in the Internal Revenue Service so that it actually works for the taxpayer,” Ryan told reporters.
Meanwhile, Rep. Sander Levin, D-Mich., while agreeing with Republicans on the need for tax reform, is critical of their approach.” Of course we want to encourage investment, but that doesn’t require a lopsided tax plan that provides nearly all of the help to the very top in the vain hope that somehow the benefits will trickle down to everyone else,” Levin said in a May 16 op-ed. “The middle class is not incidental to economic growth—it is the engine of growth,” he added.
By Jessica Jeane, Wolters Kluwer News Staff