House Speaker Paul Ryan said Tuesday he wants his chamber to pass a tax bill by Thanksgiving, an ambitious goal as Republicans have not yet released a draft tax plan.
Following Senate passage on a “slightly slower track,” Ryan told reporters he still aims to have a bill signed into law by the end of the year.
The push to overhaul the tax system could take a significant step as soon as Thursday, when the House considers the Senate budget resolution. The Senate resolution unlocks a reconciliation tool that would allow the tax bill to pass with only 50 Republican votes in the Senate.
“Adopting this budget is another sign of the real momentum for tax reform,” Ryan said.
The tax-writing committees will craft a bill following the budget’s passage. They could release a draft plan as soon as early next month.
Once they release the bill, Republicans will still have to overcome obstacles. Among those, some Republicans have already expressed concerns about the potential budget deficit generated by the plan.
The party has struggled to find provisions to raise money to offset major individual and business tax cuts without running into political opposition.
As Ryan spoke Tuesday, another potential GOP headache erupted. President Donald Trump and Sen. Bob Corker, R-Tenn., exchanged repeated blows on Twitter and on television.
Corker, a key vote on tax reform, has already said he has reservations about generating a large budget deficit with a tax plan.
Ryan had no concerns about the spat derailing the push to overhaul the U.S. tax system, saying to “forget about” the dispute.
“Bob’s going to vote for Tennessee, he’s going to vote for America, he’s going to vote for tax reform,” Ryan said.
Source: cnbc economy
Speaker Paul Ryan wants the House to pass a tax bill by Thanksgiving