Before leaving town for a week-long recess, GOP members of the U.S. House of Representatives released a policy paper that advocated for lowering the corporate tax rate from 35 to 20 percent.
The 35-page tax reform blueprint is the sixth policy paper of the House GOP’s “A Better Way” agenda and for the first time, House Ways and Means Committee Chairman Kevin Brady (R-Texas) went on-record in favor of lowering the corporate tax rate. The blueprint also proposes reducing the individual tax rate from 36.5 percent to 33 percent and small businesses organized as pass-through entities, limited liability corporations or an S-Corporation would be taxed at 25 percent.
Brady previously said at a National Stone, Sand and Gravel Association (NSSGA)-hosted event that he views this paper as a beginning, not an ending, and he wants to hear from stakeholders. “We will now go from dead last among our global competitors into the lead pack,” he said. “We’ve designed it so companies can compete and win and then bring those dollars home.”
NSSGA will continue to press the House and Senate to deal with the projected funding gap in the Highway Trust Fund in the context of comprehensive tax reform and again share aggregates industry priorities. Although tax reform will not happen this year, both House and Senate finance committees are setting the stage for the 115th Congress.