U.S. Rep. Jim Renacci of Wadsworth says his fellow House Republicans are getting ready to roll out a plan for tax reform this year. ideastream’s Nick Castele reports.
Speaking at the City Club of Cleveland today, Renacci said the plan would likely cut corporate tax rates to 25 percent – and indicated he’d like to see tax rates cut for other forms of income as well.
“We need to make sure that our tax system is less complicated, but also works to grow the economy," Renacci said, "and becomes better for business, but also better for individuals so that it’s simpler, it takes less time.”
The office of House Ways and Means Committee Chair Dave Camp has said he’d like to cut corporate and top individual rates to 25 percent– but it’s not clear what will end up in the final proposal.
Renacci said he expected the plan to conflict with President Obama’s tax reform proposal, which cuts corporate rates to 28 percent. Renacci says it’s tax cuts for other kinds of business income that aren’t in line with the president’s ideas.
“I actually think when we’re done and we do our presentation of the tax reform that we want to present, and we do the scoring, it’s going to be a hard no vote, even for the president," Renacci said. "But that’s when politics gets in the way of good policy.”
Renacci said he'd like to see the plan released this year.