GOP chairman: Ways and Means to hold tax reform hearings soon

GOP chairman: Ways and Means to hold tax reform hearings soon
© Greg Nash

House Ways and Means Committee Chairman Kevin BradyKevin BradyOvernight Finance: Dems explore lawsuit against Trump | Full-court press for Trump tax plan | Clock ticks down to spending deadline Trump officials stage full-court press for tax plan Senate's No. 2 Republican: Border tax 'probably dead' MORE (R-Texas) said Tuesday that his panel will announce tax reform hearings in the near future.

"We have an aggressive timetable now," Brady said on Fox News's "Your World with Neil Cavuto. "In fact, Ways and Means Committee will soon be announcing congressional hearings on our blueprint starting next week."

A spokeswoman for Brady said she could not give a specific date or topic for the committee's first tax reform hearing. The panel has to announce hearings one week ahead of time.

The committee is working on legislation based on a tax blueprint House Republicans released last year, while the White House is early in the process of developing its own tax plan.

Brady said that the sooner that the House, Senate and White House come to a consensus on the major tax issues, the better. He also said that members of Trump's economic team are on board with the idea of a broad overhaul of the tax code.

"In my discussions with them, they seem to be, along with the president, absolutely committed to overall, comprehensive tax reform," he said.

The House GOP tax reform blueprint includes a provision, known as border adjustment, that would tax imports and exempt exports. A number of GOP lawmakers have pushed back on the provision, and the White House has not taken a definitive stance on it.

Cavuto said his understanding is that the White House isn't keen on the border-adjustment tax. Brady replied, "well, it depends who you talk to."

Brady added that Trump is interested in leveling the playing field for domestic manufacturers, and the border tax provision would achieve that goal.

Earlier in the year, the White House and GOP lawmakers said they wanted to pass tax reform legislation by August, but Treasury Secretary Steven Mnuchin told the Financial Times in an interview published Monday that the August timetable was “highly aggressive to not realistic at this point." 

Brady said Tuesday that "we probably ought not be focused on the month but the year that it happens, which is this year."

The interview came on the date of the tax-filing deadline. Brady said the American public wants "this to be the last Tax Day they have to fool with this complex tax code."