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tv   Ways Means Chair Brady Press Conference on Tax Reform  CSPAN  December 16, 2017 10:00am-10:11am EST

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to the u.s. homeland over the holiday season. [captions copyright national cable satellite corp. 2017] [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit] host: >> the tax reform bill moves closer to a final vote, and last night, congressional republicans revealed their final version of the bill. for the next couple of hours, we will take you to the debates and announcements from this week. first, house ways and means it chair kevin brady spoke to reporters shortly after the bill was made public.
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♪ good evening, everybody. we have filed the bill for the tax cuts in the house. this means that the new tax reform bill will become public now, and american people will be able to assess the impact of a code.x coat -- tax americans deserve a new tax code for a new era for american prosperity. that is exactly what the tax cut
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in jobs act does. as we headekend toward a vote, we will finally because the house and senate versions were different, families, small businesses, and frankly, our local businesses that compete around the world, will now have a bill to analyze and embrace. so, i am excited about this moment. it has been 31 years in the making. and it took a lot of hard work about a lot of people to make this day happened. and i am proud of the tax cuts and jobs act. with that, i will take questions. >> you are talking about four brackets filing on a postcard simplicity. it does not look like that anymore. >> with the standard deduction come it nearly doubled. a number of those provisions, the postcards to remains. are there a few more items on it? sure. but that was the process we wanted. beginning, the
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this is not our tax code. it lost to the american people. we took it down the foundation and begin to rebuild it the way the american people want it. in the 21st century, not 30 or 50 years ago. we listened, our lawmakers ,istened to their constituents families, and businesses, and this tax reform reflects the priorities of the american people. >> mr. chairman, the idea that you had to expand the rackets on brackets, on use the corporate and personal side, and raising were some of those brackets fell is part of that , because you had to get this to fit in the reconciliation rules on the -- in the senate because of that deficit spending and that is why that went up and went much higher? down inhe rates went the family brackets to provide more tactfully. -- family brackets to provide more tax relief.
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but we are going to have tax relief for families who live in these high tax states. we made that commitment to our lawmakers, we will improve the bill, and we achieved that. and we will now have a $10,000 deduction for self taxes. families can fill it out with the way they need for their families. bracket. lower top really, a key asked by lawmakers in certain states, but those help everybody in america. and we achieved even more middle-class tax relief. all that was done to drive tax relief for everyone, regardless of where they live. >> that was not why some of that changed? kevin: no, absolutely not. that was continuing to lower the brackets, lower the rates, we want people to keep more of what they earn wherever they live. and we achieved that. >> server is there a timeline of
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dir is there a timeline of who , goes first, the house and senate and when they should do that and does that mean the senate, do they have enough votes now? kevin i always leave the timing : and the vote to schedule for leadership. i do know we will be returning monday to begin the rules process. the votes in the house and senate will occur after that. the timing, i will leave the sequence to our speaker in leader. and i do predict both the house and the senate will approve this tax reform bill. lots of momentum. >> kevin brady, chairman brady, there are some last-minute changes, can you discuss what the revenue raisers were to make room for the changes? kevin: we will have the joint committee on taxation will lay out the revenue tables shortly. what you will see is that there were adjustments made throughout the tax reform bill. there was not any one or two provisions that allowed it to
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stay at the $1.5 trillion. it was a combination of different adjustments in areas which we think is the most balanced way to do it. >> are you confident that no one will see tax increases or will there be people who will see a slight increase because of the way things were handled? kevin: i think, no. everyone's lives will be better off under the tax reform because of the tax relief families get because of the higher paychecks because we have a stronger economy. and again, this is all about bringing back jobs from overseas, which if we had not acted now, we will continue this he our headquarters, research, manufacturing, and our jobs leaving the country. so the combination of that will raise paycheck and allow you to keep more of what you earn. not reallythis is talked about much, but we need a
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tax code our local business can win anywhere in the world, including at home. we achieved that. >> when you made changes in general terms to to go more toward the senate bill or slip the difference between the senate and the house bill? kevin: we took the best of both ideas. in many cases because we had a deliberate timetable. we had announced half a year ago to get this to the president's desk. we took the taxes to where we thought they would and. dashwood end. it is a next of the house and the senate the way it should be. >> [inaudible] kevin: there are at the end of these major negotiation several changes that have to occur. we did it. there is no one that had to be done again. >> what did you do for puerto rico? kevin: so, the major puerto rico
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provision that we had pushed, which was to create and make them eligible for opportunities ounce, to help them rebuild economic development, ultimately, it did not pass the byrd test in the senate. so, the speaker and i have had decided -- so the speaker and i have decided to put the provision on the supplemental. after speaking with delegate gonzalez to continue to rebuild puerto rico, i think more can be done as well. i think this is important. we are absolutely committed to helping that island rebuild. >> [inaudible] kevin: not yet. >> assuming this gets passed and signed before the end of the year, when do you think regular people will feel it? kevin: there are two important
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things happening. one, after the first of the year, workers will be able to see a new table, so they can decide withholding figures. choose to get your tax relief early in the year, or you can keep them as they are, and take them in the next tax filing system. that is the key thing. i think maybe the most important element people aren't are you thinking about is this april 15, when you file your taxes, that is the last time you will file under this monstrous, broken tax code. in future years, you will see a tax code that is built for growth, leapfrogs america back to the lead, and lets people keep more of what they earn. >> is a concern about how quickly the bill was written? are you confident it will not require any fixes afterwards and
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if it does, do you think democrats will come on board and vote for it? anticipate, cannot i cannot imagine any major undertaking like this that does not require technical corrections in the future. and because some of these policy changes are really game-changing for america. for example, no longer taxing you here and abroad, and allowing companies to bring their earnings to be reinvested back in our communities and manually -- communities and manufacturing plants and research at a zero tax rate, all these are changes so i into spain work to continue on tax reform. in the international area. i am convinced and members are as well we can do more to improve this tax code. i am hopeful democrats -- but they are defending the status quo, i hope they rethink that and work with us to improve the code. thank you. >> thank you.


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