Trump’s Team Discussing Tax Overhaul With House, Brady Says

House Republicans are talking with President-elect Donald Trump’s transition team about how to fashion the biggest U.S. tax overhaul in three decades, the chairman of the House Ways and Means Committee says.

“We’re talking to the Trump team about timing” for producing written legislation that would slash tax rates on businesses and individuals and remake the U.S. tax code next year, said Kevin Brady, the Texas Republican who chairs the House’s tax-writing panel. “We’re writing provisions of the bill as we speak.”

Trump and House Republicans, led by Speaker Paul Ryan, want dramatic rate cuts. They also want to scrap features of U.S. tax law that they say put American companies at a disadvantage globally -- and have spurred companies to leave as much as $2.6 trillion in profit overseas, where it remains untaxed.

“I’m here to tell you tax reform is going to occur in 2017,” Brady said Tuesday in Washington at a conference of tax professionals sponsored by Bloomberg BNA and KPMG LLP. While Trump’s plan differs in some ways from a tax-overhaul “blue print” that Brady and Ryan released in June, the two plans “are kissing cousins,” Brady told reporters after his speech.

Asked if there were any aspects of the House plan that would be a “no-go” for negotiating with Trump’s team, Brady said no. “It’s all go-go on tax reform,” he said.