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 Patrick BradyDemocrats give Trump trade chief high marks Democrats talk up tax credits to counter Trump law House panel approves bills on tax extenders, expanding tax credits 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 Davis RyanPaul Ryan praises Trump: 'He's not taking any crap' The Hill's Morning Report - Crunch time arrives for 2020 Dems with debates on deck Ocasio-Cortez calls out Steve King, Liz Cheney amid controversy over concentration camp remarks 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 (Chuck) Ellis SchumerMcConnell-backed Super PAC says nominating Roy Moore would be 'gift wrapping' seat to Dems McConnell vows to 'vigorously' oppose Moore's Senate bid Pelosi: Trump delay on Harriet Tubman is 'an insult to the hopes of millions' MORE (D-N.Y.), who is likely to replace Sen. Harry ReidHarry Mason ReidSenators briefed on US Navy's encounters with UFOs: report Key endorsements: A who's who in early states Trump weighs in on UFOs in Stephanopoulos interview 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 to debate for first time as front-runner Top Trump ally says potential Amash presidential bid could be problematic in Michigan Chaotic Trump transition leaks: Debates must tackle how Democrats will govern differently 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 WydenOvernight Health Care — Sponsored by Campaign for Tobacco-Free Kids — Trump issues order to bring transparency to health care prices | Fight over billions in ObamaCare payments heads to Supreme Court Senate set to bypass Iran fight amid growing tensions Overnight Defense: House passes T spending package with defense funds | Senate set to vote on blocking Saudi arms sales | UN nominee defends climate change record 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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