Rep. Brady plans to move tax reform legislation in 2017

The House’s top taxwriter wants to pursue tax reform legislation next year, according to the Ways and Means Committee’s Republican chief tax counsel.

“The committee is now focused on the ongoing work of building tax reform legislation based” on the tax blueprint under the House GOP’s “Better Way” policy platform, said Barbara Angus, chief tax counsel for Rep. Kevin BradyKevin BradyOvernight Finance: CBO to release limited analysis of ObamaCare repeal bill | DOJ investigates Equifax stock sales | House weighs tougher rules for banks dealing with North Korea Week ahead in finance: Clock ticking for GOP on tax reform Liberal groups want Mnuchin off GOP tax group following airplane controversies MORE (R-Texas), chairman of the chamber’s taxwriting committee.

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“The plan for Chairman Brady is to move tax reform legislation as early as 2017,” Angus said in a panel at the Tax Executives Institute conference in Philadelphia.

The counsel’s announcement comes as the federal government marks the 30th anniversary of the Tax Reform Act of 1986, a major overhaul of the tax code by the Reagan administration and Congress.

“Chairman Brady often says that tax reform is something that happens only once in a generation,” Angus said. “With 30 years gone by since ‘86 Act, the time has really come.”

Based on Ryan blueprint

House Speaker Paul RyanPaul RyanRyan: Graham-Cassidy 'best, last chance' to repeal ObamaCare Ryan: Americans want to see Trump talking with Dem leaders Overnight Finance: CBO to release limited analysis of ObamaCare repeal bill | DOJ investigates Equifax stock sales | House weighs tougher rules for banks dealing with North Korea MORE (R-Wis.) released in June the tax blueprint as one of the six policy platforms of the Republican Party. Brady led the tax task force, which Angus said was the smallest of the six task forces. Participants in the task force, however, met the most often. 

Brady in 2015 expressed a similar tune of pursuing only international tax reform after becoming chairman of the Ways and Means Committee, but had to shelve those efforts thanks in part to Ryan's shift of focus to the development of the "Better Way" plan.   

However, there is now a strong appetite for major tax changes, especially with Europe’s recent state-aid investigations, Janice Mays, former Democratic chief tax counsel of the House Ways and Means Committee, said in the same panel. 

She said Republican and Democratic members of Congress are unified on the idea that the European Commission (EC) is attempting to take U.S. revenue as part of the EC's recent ruling against certain member countries’ special tax deals involving American companies. 

“It has changed the dynamics,” said Mays, who recently left the committee for PricewaterhouseCoopers.

Mays said that Sen. Chuck SchumerCharles (Chuck) Ellis SchumerSenate Dems hold floor talk-a-thon against latest ObamaCare repeal bill This week: Senate wrapping up defense bill after amendment fight Cuomo warns Dems against cutting DACA deal with Trump MORE (D-N.Y.), who is likely to replace Sen. Harry ReidHarry ReidThe Memo: Trump pulls off a stone-cold stunner The Memo: Ending DACA a risky move for Trump Manchin pressed from both sides in reelection fight MORE (D-Nev.) next year as the chamber’s Democratic leader, will be a key figure in tax reform negotiations, if such discussions will take place. Last year, Schumer attempted to broker an international tax deal with Ryan, who back then led the Ways and Means Committee, to help finance a major highway spending bill. 

Democratic presidential nominee Hillary ClintonHillary Diane Rodham ClintonBiden slams Trump over golf gif hitting Clinton Overnight Cybersecurity: Equifax hit by earlier hack | What to know about Kaspersky controversy | Officials review EU-US privacy pact Overnight Tech: Equifax hit by earlier undisclosed hack | Facebook takes heat over Russian ads | Alt-right Twitter rival may lose domain MORE also has an infrastructure spending component as part of her policy platform.

Mays also pointed out that Senate Finance Committee ranking minority member Ron WydenRonald (Ron) Lee WydenSenate Dems hold floor talk-a-thon against latest ObamaCare repeal bill Overnight Defense: Senate passes 0B defense bill | 3,000 US troops heading to Afghanistan | Two more Navy officials fired over ship collisions Finance to hold hearing on ObamaCare repeal bill MORE (D-Ore.) is currently putting together an international tax package that would address inversions. Wyden’s former chief tax chief counsel also moved this past summer to PricewaterhouseCoopers. 

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