WASHINGTON — House Republicans will delay releasing its tax bill until Thursday, two congressional sources with direct knowledge told NBC News.
The bill was originally scheduled to be unveiled Wednesday. But speculation over a delay was rampant on Capitol Hill Tuesday night, with spokespeople for leaders pointing to the Ways and Means Committee for any final decisions or announcements. Republican members privately aired their frustration with a process they feel cut out of, and some contentious issues were still unresolved hours before the bill was slated for release.
“That’s the game plan,” Ways and Means Chairman Kevin Brady said Tuesday evening when asked if they were proceeding as planned. But when pressed about a possible delay and members’ unhappiness, Brady did say, “All those are factors.”
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A White House source confirms they’ve been made aware of the delay.
Republicans of all stripes believe tax reform is do-or-die, and that their majorities in the House and Senate are at stake if they can’t push it through. But the behind-closed-doors, late-night jockeying and lack of information for members who will ultimately have to vote on the plan are reminiscent of the health care debacle earlier this year.
One source familiar with the plans pointed to outside groups as the source of the trouble. House Speaker Paul Ryan met with conservative stakeholders Tuesday afternoon after he spoke to President Donald Trump. They emerged from the meeting with details of the tax plan that some members of the committee had yet to receive.
The heart of the issue: Whether the plan can meet the $1.5 trillion spending limit set by the budget, and whether the cut will be distributed across the middle class. So-called distribution tables that outline the benefits for the wealth versus the middle class will be closely watched. Republicans are under political pressure to make sure it’s viewed as a broad middle class tax cut and not a package of tax breaks for wealthy Americans.
To that end, 401(k) plans are likely to remain untouched, multiple sources said Tuesday, or the pre-tax contribution limit increased, at the president’s request. That causes a spending headache. A careful deal on state and local taxes — removing the deduction for income but preserving it for property taxes — seemed to be holding. Republicans also seemed likely to move forward with a 39.5 percent tax bracket for families making over $1 million per year.