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Financial Planning > Tax Planning > Tax Reform

House GOP Delays Tax Bill Release Until Thursday

By Melanie Waddell

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House Ways and Means Committee Chairman Kevin Brady said late Tuesday that the planned Wednesday unveiling of the GOP tax reform bill would be moved to Thursday.

“Ways and Means Committee members met tonight to discuss the work we are doing on pro-growth tax reform,” Brady said in a statement. After consulting with President Donald Trump and “our leadership team,” Brady said, “we have decided to release the bill text on Thursday.”

He noted that the committee is “pleased with the progress we are making and we remain on schedule to take action and approve a bill at our Committee beginning next week.”

Delay of the legislation comes a day after Senate Democrats released what they argued is “a better plan” that lifts the cap on 401(k) contributions and creates a new auto-IRA option instead of the House GOP’s rumored plan to limit pretax 401(k) savings to $2,400 per year.

House Ways and Means Chairman Kevin Brady, R-Texas, “has refused to rule out a middle-class tax on Americans’ retirement,” Senate Democratic leader Chuck Schumer of New York said during the Tuesday morning press briefing. “We Democrats are here to say that we vigorously oppose any tax hike on middle-class retirement accounts, and that we have a better plan to make it easier for Americans to save for retirement rather than harder.”

Greg Valliere noted in his Wednesday Capitol Notes commentary that from what he can surmise, “the tax writers haven’t agreed on a lot: state and local taxes, 401(k) contributions, the estate tax, a new top individual rate, whether to phase in corporate tax cuts, the size of the child care credit, how to set rules for pass-through corporations.”

Today, Valliere said, “supposedly was the rollout date, and all of these issues are still unresolved?”

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