July 23, 2018 / 10:02 PM / 9 months ago

UPDATE 1-U.S. House Republicans to be briefed on tax proposal on Tuesday

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WASHINGTON, July 23 (Reuters) - The Republican tax chief in the U.S. House of Representatives said he expected to outline for other Republican lawmakers on Tuesday a new tax package intended to make 2017 tax cuts for individuals and many private businesses permanent.

Representative Kevin Brady, who chairs the tax-writing House Ways and Means Committee, said on Monday the rollout would set in motion a weeks-long period for House Republicans to offer feedback, setting the stage for further action as early as September.

Widely seen as an election-year initiative with little chance of becoming law, the proposal could help drive Republican voter enthusiasm in the Nov. 6 elections that will determine whether Republicans or Democrats control Congress for the next two years.

Brady is billing the initiative as an update to last year’s tax overhaul, dubbing it “tax reform 2.0.”

“Tomorrow, we will lay out the outline of 2.0 with our House Republicans, begin a series of listening sessions among the conference on this, gather their input throughout August and be ready to move forward, advance it in September,” Brady told reporters.

Republicans in the House of Representatives are expected to meet for their weekly caucus meeting early on Tuesday.

Republicans from Brady’s panel met with President Donald Trump last week for what lawmakers described as a discussion that unified White House and House Republican goals for new tax legislation. Such a bill is unlikely to succeed in the Senate, where Republicans would need help from Democrats.

Tax cuts for individuals and for companies organized as pass-through businesses, including many small “Mom and Pop” firms, are set to expire after 2025 under the bill that Trump signed into law last December.

Those temporary cuts are projected to add $1.1 trillion to the federal deficit over the next decade, at a time when the nonpartisan Congressional Budget Office warns of a rapid rise in the federal debt.

Brady said the new proposal would not include additional provisions to pay for the tax cuts.

The proposal is also expected to include incentives for retirement savings, according to lawmakers. (Reporting by David Morgan and Eric Beech; Editing by Mohammad Zargham and Peter Cooney)

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