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House Republicans' long-awaited tax reform bill expected this week

By Sara Shayanian
House Republicans' long-awaited tax reform bill expected this week
(C) House Ways and Means Chairman Kevin Brady (Texas) makes remarks as (L-R) Rep. Vern Buchanan (Florida), House Speaker Paul Ryan (Wisconsin) and Senate Majority Leader Mitch McConnell listen, September 27, 2017, on Capitol Hill. File Photo by Mike Theiler/UPI | License Photo

Oct. 30 (UPI) -- House Republicans will release the text of their long-awaited tax reform legislation this week, as supporters of the bill are working to get it passed by Thanksgiving.

The House bill is expected to be released on Wednesday.

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Republicans in the lower chamber are relying on President Donald Trump to help deliver the legislative win -- believing his support is needed to make the case for the legislation.

Committee Chairman Kevin Brady said Saturday he's already made concessions to northeast Republicans who benefit from state and local tax deductions. He noted that the new plan will allow individuals to deduct their property taxes, but not their state and local income taxes.

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Some Republicans representing high-tax states like New York and California have threatened to halt the advancement of the bill because the plan calls for the total eradication of the state and local tax deduction, or SALT.

Another setback to delivering tax reform came over the weekend from the National Association of Home Builders, which said they oppose the legislation.

Brady and House Speaker Paul Ryan told the group the tax proposal doesn't include a plan to convert popular homeowner deductions into a credit, NAHB CEO Jerry Howard said.

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"I'm baffled," Howard told CNN. "Our members felt like the carpet had been pulled out from under them."

A vote to pass the bill, which has been in the works for weeks, may also prove difficult.

The house only narrowly passed the 2018 budget resolution last week -- losing 20 Republican votes -- which allowed the House to fast-track the tax reform bill.

RELATED Senate passes 2018 budget in first step for tax reform

Ryan said last week the goal is to have the tax legislation passed in the House by Thanksgiving, and the Senate by the end of the year -- a timeline favored by other congressional Republicans.

"We need to get the tax bill out of the Senate before Thanksgiving," Sen. John Cornyn, R-Texas, said.

It remains to be seen how Monday's indictments of former Trump campaign manager Paul Manafort and a business associate might impact the tax reform rollout.

Ryan said Monday on a Wisconsin radio show, "nothing is going to derail what we're doing in Congress."

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