Tax Cuts “2.0” Draft Expected in July

A tax cuts “2.0” draft will likely be unveiled to House Republicans in July, the House’s top tax writer has said. A draft of the tax reform “phase two” legislative outline is expected to be released generally in August.

Tax Cuts Phase Two Timeline

“I think the Ways and Means Committee timetable will be to begin circulating a draft to House Republicans when we return after the fourth of July break,” House Ways and Means Committee Chairman Kevin Brady, R-Tex. said in a televised June 26 interview. “I expect to see the legislative outline released in early August, with votes in the fall depending on when leadership wants to schedule them.”

Individual Tax Cuts

The next round of tax reform will focus on making permanent the individual tax cuts enacted temporarily through 2025 under the Tax Cuts and Jobs Act (TCJA). Additionally, Republican tax writers are considering proposals that would streamline the retirement savings process. Brady said in the June 26 interview that he intends to use the month of July to hear from Republican colleagues on what they want to see in the “2.0” measure.