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 BradyGOP chairman: More tax-reform hearings coming in July Overnight Finance: CBO finds 22M more uninsured under Senate health bill | GOP agrees ObamaCare taxes must go | Supreme Court to look at Dodd-Frank whistleblower protections | More tax reform hearings | Green light for partial travel ban | Highway Trust Fund in need of a long-term fix 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 RyanWinner of Georgia special election sworn in GOP chairman: More tax-reform hearings coming in July Speaker Ryan, the fate of our policy toward Russia rests in your hands 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. Charles SchumerCharles SchumerSenate Dems step up protests ahead of ObamaCare repeal vote Senate Dems plan floor protest ahead of ObamaCare repeal vote Dem senator: Don't bet against McConnell on ObamaCare repeal MORE (D-N.Y.), who is likely to replace Sen. Harry ReidHarry ReidCharles Koch thanks Harry Reid for helping his book sales Warren cautions Dems against infighting Dems see surge of new candidates 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 Rodham ClintonAmazon’s acquisition of Whole Foods underscores the threat posed by ‘big data’ Pro-Trump group blasts 'rigged' Russia probe in ad starring Tomi Lahren Trump believes Russia 'probably' behind election hacking 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 WydenRon WydenOvernight Tech: Black lawmakers press Uber on diversity | Google faces record EU fine | Snap taps new lobbyist | New details on FCC cyberattack FCC chairman reveals new details about cyberattack following John Oliver segment Election hacking fears turn heat on Homeland Security 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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