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November 17, 2017      5:41 PM

Chairman Brady optimistic House and Senate can find common ground on tax cuts

“We have had the worst tax code, one that costly, complex and unfair, with special interest provisions and lobbyist loopholes that favor some over the rest…Those special breaks are gone”

The US House’s $1.5 trillion “Tax Cut and Jobs Act,” which passed the chamber on a party-line vote on Thursday, provides substantial incentives for export-heavy Texas, Congressman Kevin Brady said on a conference call with local reporters this morning.

Eighteen corporations that once called Texas home have moved overseas due to the favorable tax rates for foreign dollars. Those jobs need to be back in Texas, Brady said. To that end, the House version of the tax cut bill zeroes out corporate taxes on money moved back into the country and lowers the business tax rate from 35 to 20 percent.

By Kimberly Reeves

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