WASHINGTON — The House Ways and Means Committee plans to hold hearings in May on changes to the tax code, including a border-adjusted tax, Chairman Kevin Brady said Sunday.
The hearings would be the next phase of an effort to overhaul the U.S. tax code by year-end, a goal that Brady and President Donald Trump’s administration share.
Brady, R-Texas, said Sunday that he remains committed to the border-adjustment concept, which is struggling to win support in Congress. It wasn’t included in Trump’s one-page tax outline released Wednesday.
Under a proposal Brady and House Speaker Paul Ryan, R-Wis., released in June, the 35 percent corporate income tax would be replaced with a 20 percent tax on U.S. domestic sales. Their imported materials would be included in the tax, but not their exports — the border-adjustment feature.