Rep. Brady: We Will End Individual Mandate in Tax Bill

Rep. Kevin Brady, R-Texas, said Tuesday that Republicans in both chambers of Congress will work to repeal Obamacare's individual mandate in their finished tax bill.

"Yeah, I believe we will," the House Ways and Means Committee Chairman told CNBC on Tuesday, when asked if the individual mandate, which requires that most Americans have health insurance or face a fine, would be removed by the finalized bill.

Although the Senate tax bill does include a repeal of the individual mandate, the House bill leaves the Affordable Care Act untouched.

According to The Los Angeles Times, the congressional tax analysis committee found that eliminating the mandate would save $318 in subsidies for Americans who cannot afford insurance. However, the Congressional Budget Office found that ending the individual mandate would cost 13 million Americans their insurance in the next 10 years, and would cause premiums to rise by 10 percent.

Brady also mentioned on "Squawk Box" that the GOP is divided over taxes on corporations. One deal proposed in the Senate included a limited corporate alternative minimum tax, which Brady said is "costly and complex," and would not be included in the House bill. On the corporate tax rate, the chairman said he is "driving toward" a flat 20 percent rate, down from 35 percent, the same as the Senate bill.

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