House Tax Reform Hearing ScheduledMay 17, 2017
House Ways and Means Committee Chairman Kevin Brady (R-Texas) and Tax Policy Subcommittee Chairman Peter Roskam (R-Ill.) recently announced that the committee will holding a hearing on May 18 to discuss “how tax reform will grow our economy and create jobs across America.” The hearing will focus on tax reform policies that will generate economic growth, create jobs and increase paychecks for all Americans.
In a May 11 news release, Chairman Brady said that witnesses will discuss “specific policy proposals that deliver the most economic growth and how our ideas will directly help hardworking taxpayers and the businesses that create jobs across America.” According to the Chairman, this hearing is an important step forward as they work with President Donald Trump and their Senate colleagues on delivering historic pro-growth tax reform for the first time in 30 years.
This is the first in what Ways and Means Committee leaders have said will be a series of hearings on specific issues in tax reform. Although a list of hearing topics has not been released, the panel is expected to hold a hearing on the proposed border-adjustment tax in the House Republican tax reform blueprint.
NSBA supports a broad overhaul of the tax system by dramatically broadening the base—cutting the breaks that litter the tax code—and lowering rates. As Congress debates what tax system should replace the current one, NSBA believes it is imperative that the U.S. moves towards a simpler, fairer tax system that does not attempt to only tweak one piece of the puzzle, such as corporate-only tax reform, and incorporates the following nine principles:
- Designed to tax only once
- Stable and predictable
- Visible to the taxpayer
- Simple in its administration and compliance
- Promote economic growth and fairness between large & small businesses
- Use commonly understand finance/accounting concepts
- Grounded in reality-based revenue estimates
- Fair in its treatment of all citizens