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Ways and Means Committee kicks off new session with hearing on pro-growth reform

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Tax Hot Topics: Pro-growth tax reform hearingThe Committee on Ways and Means announced last week that its first hearing of the new year will focus on pro-growth tax policies.

The Jan. 26 meeting is expected to feature tax reform discussions prominently, as Committee Chair Kevin Brady, R-Texas, has already begun rallying support for business reform, particularly in the international area. But major tax changes will prove difficult in an election year and with a divided government.

The deficit picture will also complicate efforts. The Congressional Budget Office (CBO) released new estimates last week predicting an increase in the deficit to $544 billion this year, thanks largely to the $680 billion tax cut package enacted in December. A projected slowdown in growth also contributed to the larger deficit projection. The CBO estimate shows the deficit getting worse in future years.

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