Brady to present 'tax cuts 2.0' outline to House Republicans on Tuesday

Brady to present 'tax cuts 2.0' outline to House Republicans on Tuesday
© Greg Nash

House Ways and Means Committee Chairman Kevin BradyKevin Patrick BradyHouse GOP bill a mixed bag for retirement savers China imposes new tariffs on billion of US goods: report Trump announces tariffs on 0B in Chinese goods MORE (R-Texas) said that he will lay out to House Republicans an outline for a second package of tax cuts on Tuesday.

"This is a big week for the [tax cuts] 2.0 process," Brady told reporters Monday. 

He added that he will hold a series of "listening sessions" with GOP lawmakers and get their feedback on the outline over the August recess, so that the House can vote on legislation in September.

President TrumpDonald John TrumpHannity urges Trump not to fire 'anybody' after Rosenstein report Ben Carson appears to tie allegation against Kavanaugh to socialist plot Five takeaways from Cruz, O'Rourke's fiery first debate MORE and House Republicans have expressed a lot of interest in pursuing a second round of tax cuts this year, to build off the tax overhaul the president signed in December, known as the Tax Cuts and Jobs Act.

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Brady has said that he expects tax cuts 2.0 to consist of multiple bills, with the centerpiece focusing on making the 2017 tax law's cuts for individuals permanent. Other parts of the package may focus on encouraging retirement savings and business innovation. 

"Just as the success of the Tax Cuts and Jobs Act came because we were listening to our members and their constituents back home, we'll do the same in 2.0," Brady said.

A vote on a second package of tax cuts is expected to receive a vote in the House before the midterm elections, with House Republicans seeing more tax cuts as both good policy and a chance to make Democrats take a potentially tough vote. Many Democrats cited the temporary nature of the individual tax cuts as a reason for voting against the 2017 law.

But a package is unlikely to pass the Senate, where it would need the support of some Democratic senators, and it may not even get a vote in the upper chamber. Some GOP senators have said they wouldn't support further tax cuts if they increase the deficit.

Brady said that there will be some provisions in the 2.0 package that raise revenue "because of the policies," but that there aren't specific provisions designed to be offsets for tax cuts.

The Ways and Means Committee chairman said he also expects to outline for House Republicans the path that he plans to take on making technical corrections and refinements to the Tax Cuts and Jobs Act.

A number of stakeholders — including retailers, accountants, the nonprofit sector and wineries — have been seeking fixes to areas of the 2017 tax law where the text of the legislation doesn't line up with lawmakers' intent. Speaker Paul RyanPaul Davis RyanHow does the 25th Amendment work? Sinema, Fitzpatrick call for long-term extension of Violence Against Women Act GOP super PAC drops .5 million on Nevada ad campaign MORE (R-Wis.) has said he expects the House to consider tax-law fixes after the midterm elections, when Democrats could be more willing to work with Republicans on legislation on the topic.