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 BradyDems aim to punt vote on ObamaCare taxes House Democrats poised to set a dangerous precedent with president’s tax returns IRS issues guidance aimed at limiting impact of tax on nonprofits' parking expenses 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 RyanThe Hill's 12:30 Report – Cohen says Trump knew payments were wrong | GOP in turmoil over Trump shutdown threat | Kyl to resign from Senate at year's end Trump leaves GOP in turmoil with shutdown looming Senate heads toward floor fight on criminal justice bill 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 SchumerRetired Gen. McChrystal: Sending troops to build wall could be seen as ‘misuse of power’ ‘It’s called transparency’ works for Trump on TV, not so much on campaign finance Trump, Pelosi, Schumer: No adult in the room MORE (D-N.Y.), who is likely to replace Sen. Harry ReidHarry Mason ReidManchin’s likely senior role on key energy panel rankles progressives Water wars won’t be won on a battlefield Poll finds most Americans and most women don’t want Pelosi as Speaker 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 ClintonMemo Comey used to brief Trump on dossier released: report Trump will likely win reelection in 2020 Lanny Davis says Nixon had more respect for the Constitution than Trump 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 WydenHillicon Valley — Presented by AT&T — New momentum for privacy legislation | YouTube purges spam videos | Apple plans B Austin campus | Iranian hackers targeted Treasury officials | FEC to let lawmakers use campaign funds for cyber FEC votes to allow lawmakers to use campaign funds for personal cybersecurity Senate votes to overturn IRS guidance limiting donor disclosure 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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