House Freedom Caucus Chairman Mark Meadows said Wednesday that if tax reform isn’t completed by November, it’s unlikely to happen at all.
Meadows said at an event held by Americans for Prosperity that Republicans “need to be bold” in their reforms, noting that it becomes more difficult to make dramatic changes during an election year.
“If we do not have a bill that we’re actually debating in September [that] hopefully gets a vote by October, it will not get to the president’s desk by Thanksgiving,” he told the crowd. “And if it doesn’t get to the president’s desk by Thanksgiving … it isn’t going to happen.”
Meadows said that once Congress goes beyond January, the benefits of changes to the tax code won’t go into effect until the following year, delaying potential for economic growth.
“It’s the political reality in those midterm years — everything starts to slow down and you do things around the edges … so if we do it bold let’s do it now and make sure that we get it done,” the congressman said.
The North Carolina Republican said tax reform needs to be retroactive to ensure that its effects are immediate.
Meadows — one of the most powerful conservative voices in the House — said he would like to see dramatic cuts to the corporate rate, calling for the number to drop to somewhere in the teens.
“I think that something with a one in front of it, whether it’s 15 or 17 or 18, that’s where we need to be, and when we do that, we will see the economy revived again,” he said.
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