Is it really all going to get done? Republican Congressman Kevin Brady of Texas is the Chairman of the House Ways and Means Committee. As such, he’s responsible to a great degree for overhauling the nation’s tax code that President Trump and Treasury Secretary Steve Mnuchin have been championing for some time.
Currently, the tax code comes in at an astonishing 74,000 pages, which is vastly too complicated to deal with for the bulk of American businesses and individuals. Much of the code is made up of loopholes, special clauses and legal exceptions which favor special interests. A lot of this needs to be excised from the code in order to make it simpler and more efficient for Americans to understand and utilize. The number of tax brackets needs to be reduced (currently it’s at seven for individuals, but Brady and President Trump would like to see it reduced to just three).
These actions would go a long way toward enabling Americans and businesses to pay and process taxes at fair rates, ensuring that special interests and well-heeled individuals are less able to cheat and game the system. Reducing specific tax rates will grease the wheels for higher business growth and supercharge the economy.
Brady also candidly talks about the need to re-make the IRS. But whether the entrenched “deep state” interests there will let that happen is an open question. Watch as Fox’s Maria Bartiromo discusses the moving parts with Congressman Brady.
