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House of Representatives Ways and Means Committee Chairman Kevin Brady has indicated that the US tax reform that he expects to propose early in 2017 will "break even," on a dynamic scoring basis, which accounts for additional revenue from increased economic growth.
During a television interview with Fox News on November 16, Brady discussed how House Republicans and President-elect Donald Trump will "work together to deliver pro-growth tax reform."
He explained that "we're proposing a tax code so fair and simple, 95 percent of Americans will be able to file using a postcard system. Secondly, we lower the rates on our local businesses and redesign how they're taxed so they can compete and win anywhere in the world, but especially here at home. Finally, … we propose to bust up the IRS, redesign it into a much smaller, tailored agency focused on customer service. That's our 'Built for Growth' tax plan."
He said that the plan, rather than reducing tax revenue and increasing the US fiscal deficit, will "break even within the budget, knowing it's going to grow the economy. We estimate it'll grow the economy in America by more than nine percent and grow wages by almost the same amount."
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