Speaker Paul D. Ryan said during a news conference Tuesday that the House is on track to get a tax overhaul bill over to the Senate before Thanksgiving.
Before addressing reporters Tuesday Ryan told the House GOP Conference that he’s hopeful the tax bill will be released next week.
Ways and Means committee member Jason Smith confirmed the tax overhaul bill is scheduled for release Nov. 1.
Reporters questions, however, focused more on President Donald Trump’s feud with Sen. Bob Corker. Ryan said he didn’t believe that would impact the tax effort, saying he expects Corker to ultimately vote for an overhaul.
“I’m glad the president is coming to lunch because I have long believed it’s better to settle these things in person,” he said. “And I hope they get a chance to do that.”
According to Rep. Jim Jordan, a House GOP tax overhaul bill is expected to be released next week, marked up the following week and brought to the floor the week after that.
The Ohio Republican said Monday he and other Freedom Caucus members will support the Senate budget resolution that the House is expected to vote on Thursday because of assurances that the tax bill will move under that accelerated timetable.
“It basically boils down to the nature of the United States Senate and what we know was likely to come out if there was a conference committee, which was probably going to be a bill closer to what the Senate had pit together,” Jordan said.
Ryan Wants House Tax Reform Before Wis. Muzzleloader Season
Despite how quickly a tax bill is expected to be released, Republicans have yet to make some key decisions, like what to do with the state and local tax deduction.
New Jersey Rep. Tom MacArthur, one of the members opposed to repealing the deduction, said Ways and Means Chairman Kevin Brady told him Monday about the proposal he was currently considering, but he declined to reveal what that proposal is.
“In the end he’s counting votes and that’s determining how much he moves,” he said.
MacArthur said more than 21 members are standing united in opposition to a repeal of the SALT deduction, which would be enough to sink a measure if no Democrats support the tax bill. Republicans currently have a 239-seat majority with vacancies from the resignations of GOP Reps. Tim Murphy and Jason Chaffetz.
Meetings to discuss the SALT deduction are taking place Tuesday and later in the week, MacArthur said.
One idea that has been discussed is placing an income cap on who qualifies for the deduction. Proposals that focus on property tax and exclude income tax also remain on the table, MacArthur said. He said the Joint Committee on Taxation is scoring one of those proposals this week, but declined to say which.
“We have to have a compromise before a bill comes out,” he said. “You don’t want a bill to fail.”
President Trump told reporters a still-developing GOP tax plan, if signed into law, would bring $4 trillion now overseas back to the United States.
“Our plan can be summarized in three simple words: jobs, jobs, jobs,” he said, according to a pool report.
Ryan has said on several occasions the tax bill will include a one-time “deemed repatriation” tax on money U.S. companies are holding overseas.
Because it’s deemed repatriated, companies would have to pay the tax regardless of whether they choose to bring the money back to the United States.
Companies could choose to leave it offshore for use in foreign investments and other purposes, which would render the president’s claim false.
John T. Bennett contributed to this report.