Rep. Kevin Brady, chairman of the House Ways and Means Committee and the top tax policy architect in the U.S. House of Representatives, told a financial services trade group on Tuesday that it will be a while before he releases changes in the tax code he wants for financial services and insurance companies.
He said more time is needed because financial services and insurance are “different animals” from other industries.
“We want to make sure the tax code ensures [their] stability in the long term,” said Brady to the Financial Services Roundtable in Washington, D.C.
Brady said he wants to reward savings at every turn, and said one of his proposals to further this goal in tax reform legislation will be to reduce individual tax rates.
The Financial Services Roundtable represents the nation’s largest financial services companies. Brady told the group that tax reform is one of President Donald Trump’s top priorities.
At the same time, the Texas Republican said the greatest threat we face is a government that lives beyond its means.
It’s a view that could put him at loggerheads with Trump’s repeatedly announced desires to balloon defense and infrastructure spending.