House GOP leaders delay tax plan release amid changes

Associated Press

WASHINGTON

House Republicans, straining to make last-minute changes to their far-reaching tax proposal, on Tuesday delayed the rollout by a day after they failed to finalize the details.

The plan pushed by President Donald Trump and Republican leaders in Congress is a top legislative priority. The details originally were to be unveiled today, but that was delayed until Thursday, said Rep. Kevin Brady, R-Texas, chairman of the tax-writing Ways and Means Committee.

The committee had worked throughout the day and evening to produce a plan for the first overhaul of the nation’s tax code in three decades.

“We are making excellent progress. We are very close,” Brady told reporters late Tuesday night. “A lot of work remains with the drafters, they are continuing to work through the night. We are moving forward.”

At the White House, an official said Trump looked forward to seeing legislation this week, adding the administration was confident the delay wouldn’t affect the ultimate timing of the bill. Brady said his panel plans to vote on the bill next week.

Although they had settled on some key details – such as a cut in the corporate tax rate to 20 percent and maintaining the top personal income tax rate for the wealthy of 39.6 percent – other elements still had to be resolved, including the income levels for the tax brackets.

Trump has intensified his lobbying for the nearly $6 trillion tax overhaul plan, seeking a major legislative achievement after the collapse of the health care repeal. Republicans see taxes as a political imperative that will decide whether they keep their congressional majorities in next year’s midterm elections.

The president set an ambitious timetable and predicted a grand signing ceremony before Christmas at “the biggest tax event in the history of our country.”

Late Tuesday, Trump renewed his cheerleading on Twitter.

“The Republican House members are working hard (and late) toward the Massive Tax Cuts that they know you deserve. These will be biggest ever!”

The plan originally unveiled by Trump and congressional Republicans called for shrinking the number of tax brackets from seven to three, with respective tax rates of 12 percent, 25 percent, 35 percent. That plan drew immediate criticism from Democrats, who complained it was too favorable to the wealthy.