The House Ways and Means Committee held a hearing Thursday to examine how tax reform will grow the economy and create jobs, even as the turmoil surrounding the Trump administration threatened the prospects for the first comprehensive tax overhaul in more than three decades.
House Ways and Means Committee chairman Kevin Brady, R-Texas, opened the hearing arguing for the need to lower tax rates. “Today’s high tax rates on American businesses drive good-paying jobs overseas and make it more difficult for our job creators and workers to succeed here at home. America’s burdensome international tax system destroys U.S. competitiveness and discourages investment in our communities,” he said in his opening statement. “Scores of loopholes give favored treatment to Washington special interests while millions of hardworking Americans haven’t seen a real pay raise in years. Here’s the good news—President Trump is leading the charge for bold tax reform that will unleash the growth of jobs and paychecks nationwide. And, he’s calling on the House and Senate to put forward our best ideas. Our committee is ready to answer the call.”