House Republicans held their first committee hearing Thursday to tackle President Donald Trump's campaign promise of tax reform.
Both lawmakers and corporate executives denounced the current tax code and outlined plans for an overhaul they believe will boost job growth and global competitiveness.
“We want a tax code built for growth, literally designed to grow jobs, to grow paychecks and grow the U.S. economy,” said Texas Rep. Kevin Brady, R-The Woodlands, chair of the House Ways and Means Committee.
“Currently we have the highest corporate tax rate in the developed world at 35 percent, for small businesses its worse, the rates can be as high as 44.6 percent,” he said. “To unleash job creation and increase middle-class paychecks we know these rates have to come down.”
Some lawmakers though are discussing a temporary tax cut rather than a permanent rewrite, something Congressman Brady rejects.
“We operate in a fiercely competitive global economy and we need a fiercely competitive tax system, and we need it now,” said David Farr, chairman and CEO of St. Louis-based Emerson Electric.