Home / Others / The leading tax writer for the US House of Representatives UU Issues a tax bill on retirement plans and the IRS

The leading tax writer for the US House of Representatives UU Issues a tax bill on retirement plans and the IRS



[ad_1]

Rep. Kevin Brady, R-Texas, president of Ways and Means, holds a press conference on topics including the Republican Party's tax reform bill in the House of Representatives study after a meeting of the Conference of the Republican Party on April 17, 2018.

Tom Williams | CQ Roll Call | false images

Rep. Kevin Brady, R-Texas, president of Ways and Means, holds a press conference on topics including the Republican Party's tax reform bill in the House of Representatives study after a meeting of the Conference of the Republican Party on April 17, 2018.

A Republican who will soon resign as chairman of the tax committee of the US House of Representatives. UU Late Monday night he issued a nearly 300-page tax bill that, he said, would affect Americans' retirement savings, numerous tax deductions and redesign of the Internal Revenue Service.

Representative Kevin Brady, chairman of the Ways and Means Committee of the House of Representatives until early January, led the House and deposited it on President Donald Trump's desk in 2017, a major tax bill that reduced the tax rate US corporate UU

Of his most recent legislation, Brady said in a statement: "The policy proposals in this package have the support of the Republicans and Democrats in both houses, and I expect quick action in the House to send these measures to the Senate."

US voters put an end to Republican control of the House in the Nov. 6 elections and handed over majority power to the Democrats. Brady is expected to be replaced as chairman of the committee in January by Democratic Rep. Richard Neal.

Meanwhile, Congress holds a "lame duck" session in which Republicans like Brady will still be in charge of the Chamber's agenda. No summary of Brady's project was immediately available, a spokesman for the lawmaker said.

The prospect of legislation was not immediately clear, as Congress is likely to be busy in the "lame duck" session with a mandatory spending measure and Trump's renewed money demands to build a proposed wall along of the US border UU And Mexico.

The 297-page text of the bill covers tax cuts for fuel cell vehicles, energy-efficient homes, racehorses, mine safety equipment, auto racing tracks and many other items, as well as retirement savings plans such as 401 (k) and personal. Retirement accounts (IRAs).

The bill also "includes some time-sensitive technical corrections" to the 2017 draft law that Trump passed as law, Brady said in the statement.

[ad_2]
Source link