House Republicans rushing to finish drafting their tax bill said they will have to delay the release of their final proposed legislation until Thursday.
CNBC confirmed the report on Tuesday night:
“The House GOP will delay releasing its tax bill until Thursday, two congressional sources told NBC.
A White House source confirmed to NBC News that the executive branch had been made aware of the delay.
The release of the tax reform bill had been slated for Wednesday, and President Donald Trump has touted it as ‘the biggest tax event in the history of our country.'”
Republicans from the Ways & Means Committee were sill meeting late into Tuesday evening. Kevin Brady (R-Texas), the Chairman of the Ways & Means Committee said that staffers would be working through the night.
“We are making excellent progress. We are very close to what we set out to do – bold, pro-growth tax reform. A lot of work remains with the drafters right now, and they will continue to work through the night. We are moving forward. No announcement of change in the schedule.”
While President Trump has been pushing to have no changes to the way 401(k)’s are currently set up, many GOP legislators are trying to find a new way to shift their tax status so the complete bill does not add to the deficit after its first decade.
Currently, people under 50 can put up to $18,000 per year in a 401(k) plan before it is taxed, but Republicans want to lower that amount, which could increase the initial tax burden on those who have been able to save money in such accounts.
Other Republican legislators are still looking at ways to reduce state and local tax deductions, while holding to the goal of passing legislation by Thanksgiving.
President Trump needs to get a tax proposal passed that will deliver a big infusion of individual tax-payer-dollars to balance his proposed cuts to the corporate tax rate. He even met with representatives of business groups including the U.S. Chamber of Commerce and the National Association of Manufacturers to urge them to drum up public support for the bill.
“It will be the biggest tax event in the history of our country,” the president said.