Congressional Republicans are rapidly planning to push “Phase Two” of President Trump’s recently passed tax cuts; signaling a new fight with liberal legislators as the GOP seeks to make the individual and corporate rates “permanent.”
“We’re actually going for a phase two, which will help in addition to the middle class, will help companies, and it’s going to be something I think very special,” said the President during an event last week.
“I am 100 percent behind that and would support it and even help promote it,” added Rep. Mark Walker.
While the lawmakers behind the renewed push for even greater tax reform haven’t outlined a clear timeline for the legislation, Capitol Hill insiders believe a second tax bill could reach the floor by this summer.
“It will lead with permanence,” said the House Ways and Means Committee Chairman Rep. Kevin Brady. “The tax cuts for families and small businesses were long term, but they weren’t permanent. We think that’s important for growth and certainty.”
The comments come just days after Democrat leaders Nancy Pelosi and Chuck Schumer called on Congress to repeal the tax cuts; arguing the US government should raise taxes on corporations and wealthy Americans to finance a $1 trillion infrastructure bill.
h/t The Hill