Details on tax overhaul plan to be released soon

WASHINGTON — House and Senate tax writers plan to release an outline detailing their points of consensus with the administration on how to overhaul the tax code the week of Sept. 25, Speaker Paul D. Ryan said Wednesday.

Ryan said House Ways and Means Committee Chairman Kevin Brady announced the intent to release more details of the still developing tax overhaul plan during Wednesday’s House Republican Conference meeting.

“Then the tax writing committees are going to take feedback and input and then they’re going to go produce their bills in the weeks ahead,” the speaker told reporters after the conference meeting. “And so this is the beginning of a process.”

Brady said the outline would be a product of the “Big Six,” according to a person who was in the room for his announcement. That group is comprised of Brady, Ryan, Senate Finance Committee Chairman Orrin G. Hatch, Senate Majority Leader Mitch
McConnell, Treasury Secretary Steven Mnuchin and White House chief economic adviser Gary Cohn.

“The whole point of all of this is the House, the Senate and the White House are starting from the same page and the same outline, and then the tax writers are going to take
it from there on the details,” Ryan said.

After the budget is adopted, the Ways and Means Committee will introduce a chairman’s mark that will reflect input from all House members, and then the committee will mark up that tax bill before it goes to the floor, Brady told members.

The announcement on forthcoming tax details comes as President Donald Trump is meeting with Republican and Democratic lawmakers to discuss overhauling the tax code. He met with a bipartisan group of senators over dinner Tuesday and has a Wednesday afternoon meeting with a bipartisan group of House members.

Tribune News Service
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