McCarthy: Senate Tax Overhaul Can Be Done This Year

Rep. Kevin McCarthy, R-Calif., said the Senate’s passage of tax reform legislation showed that the reforms could be done this year.

"It happened on the timeline we said it would," McCarthy said on CNBC’s "Squawk Box."

"I’d like to do it faster," McCarthy, the House Majority Leader, added during the interview.

"I worry about deficit, but you’re not going to get out of this problem until you grow the economy," McCarthy said.

The House and Senate must now reconcile the two versions of the legislation. "There's not a lot of differences, but there are some. And we'll come to a common ground and get it done,” McCarthy said Monday during an appearance on "Fox & Friends."

“They have seven rates. We have four. We’ll work that out. I would always go to a lower rate," McCarthy added, referring to the tax brackets. “If I had to go for a higher number of brackets, but a lower rate, I think I could get there,” McCarthy said on "Fox & Friends."

He also called for the corporate tax rate cut to stay at 20 percent, and for the alternative minimum tax to be removed, noting that the Senate version keeps it.

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