Good afternoon. Everyone welcome to rancho del the ramp in the sky. You can see where president reagan spent so much time here in this beautiful setting. Im chairman of the reagan ranch board of governors. Young Americans Foundation purchased the reagan ranch almost two decades ago. Our goals are to preserve it as a Historic Property. An important Historic Property and to use it as a vehicle to train and to educate Young Americans about president reagans principles of limited Government Economic growth and an Important Role for america in todays world. There was no issue that president reagan was more identified with than tax reform. Reagan sponsored two major tax bills one he signed right here in 1981. And the second that reformed the tax code for the last time in 1986. As reagan said in a national address, in may 1985, for the sake of fairness and growth, he must radically change the structure of a tax system that treats our earnings as probably property of Internal Revenue service. Much differently regarding the tax that they pay. Yes, radically change system that still causes some to invest in their money not to make a better mouse trap but to avoid tax trap. To reagan tax reform was more than academic exercise. By that score record is clear. The two tax bills that he saned plus restraints on federal spending and regulatory reform, resulted a two decade economic boom featuring high growth rates that raised wages, increased jobs and increased federal tax revenues to Fund Important federal priorities. It is long past the time when the code needs to be reformed again to take account of our circumstances in the second decade of the 21st century. We are honored to have congressional leaders who are undertaking this difficult job and we wish them well in this important task. I want to thank you for coming. It is my great honor to present the chairman of the ways and Means Committee, hes going to lead this important work. Honorable kevin brady. Thank you very much. Good afternoon. My name is kevin brady. Chairman of the house ways and Means Committee. Im joined by key members of we are focused on and moving forward legislation this year bold legislation to reduce taxes on every american grow jobs and paychecks nationwide. Were grateful to our host, Young American foundation. This is a remarkable organization. They are proud preservationists of the reagan ranch in president s reagan conservative principle. Thank you for your leadership for this organization. You have saved this ranch for generations it come. Andrew coffman and the team that directs this ranch again, thank you for all that you do. Were here on this historic day at a Historic Place location. Were speaking to you on president reagans tax cut table. Replica of the table that president reagan signed historic tax cuts that help jump start americas economy for 20 years forward. Our challenge is to build that willingcy legacy once again for our nation. 31 on this day, 31 years ago. Ten members of the house and senate reached agreement to deliver to president reagan the tax reform he signed. Boldest in and biggest tax cut in american history. President reagan was here at the ranch that day. He called a triumph for the American People. Just two months later, he sat down on the south lawn of the white house and he signed that legislation. That day, he said this. Its been a long journey. Many said wed never make it. But pessimist as usual, left one thing out of their calculations. The American People. They didnt build the freest country in the mightiest Economic Force on this planet by shrinking from challenges. They never gave up. Here we are 31 years later facing a monumental challenge of our own. How to fix a tax code that is just as broken as the one president reagan and congress fixed nearly three decades ago. If you look at todays tax code, you cant even recognize the principles that made the reagan reforms such a triumph for the American People. The reagan reforms were all about the American People. About workers and middle class families and main street businesses. It was focused on fairness closing special interest loopholes to every american can keep more of what they earn in their paycheck. It focused on simplicity and certainty. Streamlining the tax code so its understandable and easy to follow your taxes. It was focused on competitiveness and economic growth. It was tax reform ground breaking. It was most modern tax code in the world. It made sure our american businesses and workers can compete and win anywhere in the world. In short, the reagan tax reforms were built for excellence. Built to ensure every american could achieve their American Dream whatever it might be. Like others, i think president reagan would be pretty disappointed in the tax code we have today. Competitiveness, thats become a casualty of washingtons inaction. America, it was designed to allow america and our businesses to compete around the world. In those 31 years, america fallen so far behind. Its our competitors. Who are inspired by president reagan who moved forward to improve their tax codes in order to compete and win against us. Its our competitors around the world who move to lower their rates for families and businesses. They one upped america by simplifying their tax code. Through that, they have left america in the dust. Inspired by president reagan, theyre continuing to run ahead of us in tax reform. How is washington responded . By sitting on sidelines. Reverting to its old habits. As a result, for years americans have watched our jobs, our manufacturing, research, our headquarters move overseas. They seen america struggle in raising paychecks for every american. After all these years, it really begs the question of every american. Why are we standing idly by watching our jobs leave our shores . What point have we given up on the reagan principles of simplicity and fairness and competitiveness. When did we decide to give into Washington Special interests at expensive hard working americans who truly contribute to americas economy. I just dont accept where were at right now in the tax code. Our local businesses, middle class families, they dont accept it either. On this historic day, its time for us to come together and show the world as a nation we dont accept this tax bill. Its time to change it. For the first time in 31 years we have a white house, house and senate truly committed to fixing this broken tax code. Providing relief for every family while were growing jobs and growing paychecks. It will not be easy. Tax reform legislatively, it is the biggest challenge of any generation. Social media on twitter already has a hashtag for it. Trih, tax reform is ours. It is. To be successful as president reagan was its important to remember what were fighting against and more importantly its important for remember what were fighting for. Were fighting against this monster of a tax code. This tax code been winning. Its on the 31 year winning streak. It is tripled in size since president reagan reformed it. Once again, we have all these lobbiest loopholes deductions and carve outs. Today, our tax code is back by powerful, special interests who will fight tooth and nail to preserve their sweetheart deals. Even if it means they bring tax reform down. We cannot let the status quo win. If you remember nothing else i say today we cannot let the status quo win. What were fighting for is too important. Who were fighting for is too important. Were fighting for what president reagan termed as the greatest special interest of all, the American People. Were fighting for those reagan principles of simplicity and fairness and growth and competition. More importantly, i think were fighting for a bigger and Better Future for our children and grandchildren. Better future, a future like cathy and i hope for our two boys. When this fight gets tough it will over the coming months we cant give up. We wont give up. The American People are counting on us to persevere to win. Together, with their support with your support we will. As you know, coming from texas i dont necessarily talk fast. I dont talk long either. Let me close with this. Today, we commit to a new chapter in americas great story. Today we commit to a new tax code, written for a new era of american excellence in prosperity. With the American People, we can cut all these loopholes how. We can lower the tax rate for every family, for every business for every neighborhood in america. We can involve america from nearly dead last in the world back in that lead path. Best place on the planet for next new job next new plant, that next new technology. Together working with President Trump, congress and American People, im confident we can meet this challenge. We can rise to this challenge just as our nation has risen to and prevailed over. So many challenges before in our history. I believe this with all my heart. Because, just as president reagan did, i believe that theres no limit to what this nation can achieve when we put our faith in god, in each other and in the bounds potential of americas ingenuity. 2017 is the year we make history. Together we truly together, we will. With that, i like to introduce peter roskam of illinois. The chairman of the tax policy subcommittee. One of the key leaders on tax reform in the house. Thank you chairman. I like to pick up on one of the themes chairman articulated. The subtext what he was talking about and the symbol of being here is the American Dream. Whats so interesting about americans is historically when people are successful around us, what are we tend to say . We tend to say how nice for you. The reason we say how nice for you, we think, that can be me. That could be my daughter or grandchild. There are element of our economy that create incredible bouncy. For the past several decades there has been a heaviness about these things. Theres a feeling about from among our citizens where they feel like they cant catch a break. They got things that are so overwhelming and so complicated so debilitating and heavy, they can move forward in a way in which they want to. Its not which is class envy angels jealousy and feeling overwhelmed. The symbol of this place is that Ronald Reagan rejected that notion. Ronald reagan was somebody to whom we aspire. Reagan called out the very best of us. Can you imagine the national disposition in the next month if we are able to cut this knot and get to fundamental tax reform that creates real growth, real opportunity that translate into real jobs, more money into paychecks for middle class americans. You can imagine what that would be like moving into 2018. Let me close by saying this. Ronald reagan is not here. Ronald reagan had faith in generations that followed him. Were that generation. If you look around and you interact with folks, all across the political spectrum today. Theres a real desire to have things get done in ways that benefit everyone. I have a great deal of confidence in our capacity joined by our friends all across the spectrum who are engaging on this process. We can get tax reform done and have real growth and real bouncy moving forward. Also joined by David Schweikert of arizona key member of the tax writing committee. As you approach the microphone, you start thinking about what do you share. How many of American People had the experian when you just finished filling out your tax forms, you did it online and you hit the button. You have that sort of sinking feeling in your tummy. Did i get it right. I am going to be in trouble. You wake up, you get your mail and you have a letter from the i. R. S. That horrible feeling of am i in trouble. We need to make that go away. In many ways, this sort of cruelty thats been rolled up from this tax code on the American People, its so complicated. Even folks who bathe their entire life in the tax code often will look and say, i think its my best guess. We can call the i. R. S. But its so complicated. When you hear us talk about simplicity, fairness growth, dont underestimate that word simplicity. I have been just elated home in the phoenix area, number of conversations im having or Group Presentations where simplicity getting rid of that fear of making a mistake. Because no way to know a tax code thats this complicated. Along with the lower rates along with the economic growth, along with the fairness, that simplicity is going to be really powerful gift to the American People if we do our jobs. Thank you. Along with peter and david Carlos Curbelo of florida brings his real life business experience to our effort to rewrite the tax code. Thank you chairman brady. Thank you for your leadership and for inviting us to be a part of this special day. Im truly honored to be here for my family who came to this country with nothing, rond reagan was and is a hero. As far as im concerned, this is hollowed ground were standing on here. I thank everyone who made this day possible. Were here to seek inspiration and to make this commitment that the chairman mentioned. Its easy for discussions about tax reform to become technical in nature. Over the coming weeks im sure youre here about corporate interest, deductibility and technical terms. At the end of the day this is about every american family. About every american. Its about prosperity, opportunity. Its about a lot of young people who feel like the economic recovery hasnt reached their households. Young people who may have gone to college but cant find gainful employment. Lot of immigrant family who come to this country seeking opportunity and are getting by but not enough of them are getting ahead. Thats what this is all about. Of course, its not going to be easy. It wasnt easy for Ronald Reagan either. The same way he infused our nation with optimism in the 1980s and now its our turn. Its our turn to renew the confidence of the american worker. To show American Families that they can succeeds here. This is the greatest place in the world to get a job, to start a company, to invent a new product. That is what tax reform is all about. Its up to us to meet the expectations of the American People and to help them accomplish reach their aspirations. I feel grateful to have the privilege of hopefully being a small part of taking a giant step towards greater prosperity and opportunity for every american in our country. Thank you carlos. To wrap up, we are fully committed to delivering pro growth, pro jobs tax reform this year. Whether youre a democrat or a republican, if youre serious about delivering pro growth tax reform to American People this year youre were serious about working with you. Ill be glad to take questions. Tax reform was one of the hallmarks. It was a bipartisan effort. Shouldnt it be bipartisan effort to unwind it . I agree. Im hopeful our democratic colleagues joins us in this effort. They have good ideas how we can get people back to work. Secondly, what their communities theyre suffering the same things we are. Theyre seeing the same American Companies move jobs and manufacturing overseas. They see the same young people who cant find good paying jobs. I think they bring so much to the table. Were working in the house with our House Democrats to explore Common Ground on tax reform. Im hopeful those discussions are fruitful. I would love to see bold bipartisan tax reform delivered to the president s desk. Are you all looking at a partial expensing plan with a three year phase in . No. We are focused on simplicity and fairness. Both for families and business. Where we know growth comes from is from the lowest rates we can get for our businesses. Large and small. They can send less to washington and invest more in workers business and future. We know too when businesses can immediately write off their Business Investment in buildings equipment, software and technology it drives main street jobs. It drives productsive of the american worker. We are focused with the president en unprecedented expensing. Those two issues, growth and unleashing investment. Building off that issue. Is there any discussions about perhaps making that provision retroactive to give businesses additional relief . Were working through the details of the tax plan with the white house. President trump and with the senate tax writers. Were looking at ways to drive the rates lowest to be competitive. To redesign our commercial tax System International tax system. Were also looking at how we pull all of this together. We have more work to do. I anticipate continuing to work through august with the white house and senate bringing forward a tax reform plan at the ways and Means Committee. After we return and move forward on timetable for delivery, the president s desk this year. Is there is there a concern one of the side effects of that would be to minimize incentives for people who give to charities . Let me tell you that. Strongest incentive for Charitable Giving is strong economy. At no level do people give more when they have extra money in their pocketbook. This tax reform is estimated to drive the u. S. Economy and growth by over 9 . Grow paychecks over 8 . That allows americans to be incredibly generous and Charitable Giving. Were not stopping there