The anticipated roll-out of the House GOP tax reform proposal Wednesday morning may have to be postponed because key details — including how to pay for $5.5 trillion in tax cuts — have yet to be finalized, Politico reported.
"Our plan is to release the bill tomorrow," House Ways and Means committee chairman Kevin Brady, R-Texas, said Tuesday, adding when asked if the release would be legislative text, "When we release the bill, it will be text."
But should there be a glitch, it'll have to wait — or Republicans may have to release the plan without ironing out all the wrinkles, Politico reported.
"I would say there is a lot of Red Bull and Monster being drank in there right now," Rep. Doug Collins, R-Ga., vice chairman of the House Republican Conference, told Politico. "The whole Ways and Means crew knew this would be a tough lift — and we've not even gotten to the rollout of the actual details yet!"
According to Politico, Republicans will lower the corporate tax rate to 20 percent, but have decided to keep the current top 39.6 percent tax rate on the wealthiest individuals — though they have not settled on which incomes that'll affect.
Other unresolved issues, according to Politico, include:
- How to win over GOP lawmakers from high-tax states that are balking over curbing the state and local tax deduction, which their constituents rely on,
- How to ensure wealthy individuals don't take advantage of the lower 25 percent small business or "pass-through" rate, and
- What to do with 401(k) retirement plans.
"[Speaker Paul Ryan] said the committee is 'turning the dials' and getting it to work. It's all last minute stuff," Scott Hodge, president of Tax Foundation, told Politico as he left Ryan's office after a meeting with the speaker. "I think they have all this — it's just a matter of tweaking . . . addressing certain members' interests and concerns."
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