The top tax person in the House of Representatives wants to revamp taxes, just a year after a major rewrite made its way through Congress.
Kevin Brady, the Republican Chairman of the House Ways and Means Committee, unveiled his proposal last week. Prospects for the proposal, though, aren’t clear. Brady won’t be the top person in the House when it comes to taxes for long. He will relinquish his seat in January, when Democrats take control of the chamber.
According to Reuters:
The legislation’s outlook was not immediately clear, with Congress likely to be busy in the “lame duck” session with a must-pass spending measure and Trump’s renewed demands for money to build a proposed wall along the U.S.-Mexico border.
The 297-page text of the bill covers tax breaks for fuel cell cars, energy efficient homes, race horses, mine safety equipment, auto race tracks and many other items, as well as retirement savings plans such as 401(k)s and individual retirement accounts (IRAs).
The bill also “includes some time-sensitive technical corrections” to the 2017 bill that Trump signed into law, Brady said in the statement.
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