“We’re uniting behind bold tax reform,” Brady said on Fox. “We want it as low as we can go.”
Low-Hanging Fruit
Brady declined to commit to a specific goal for a new corporate rates. Without the estimated $1 trillion in new revenue that the border-adjusted tax would have raised, Congress will need to find income from other areas to pay for the reductions, they said.
The tax bill has to be compliant with rules that prohibit adding to the deficit after a
decade for changes to be permanent, Ryan said.
Asked whether there is other “low-hanging fruit” to replace the $1 trillion in revenue lost by abandoning the border-adjusted tax, Brady said, “No there’s not.”
The commitment to complete the tax code rewrite in 2017 adds to an already full calendar when lawmakers return in the fall. The White House is also continuing to call for Congress repeal the Affordable Care Act after Senate Republicans failed to pass a bill last week.
This article was provided by Bloomberg News.