The conservative House Freedom Caucus endorsed the Republican tax reform blueprint on Wednesday.
The Freedom Caucus said in a statement, “The House Freedom Caucus gives a voice to countless Americans who feel that Washington does not represent them. We support open, accountable and limited government, the Constitution and the rule of law, and policies that promote the liberty, safety, and prosperity of all Americans.”
The Republican tax plan would slash tax rates for the individuals and families and reduce the corporate tax rate to 20 percent.
The Freedom Caucus wanted a detailed blueprint of the tax reform proposal before they could vote for the 2018 fiscal year budget. On Tuesday, Freedom Caucus Chairman Mark Meadows (R-NC) said that he would not vote for a tax reform overhaul that had a corporate tax rate above 20 percent. The blueprint released today would tax corporations at 20 percent.
Republicans plan to use the 2018 budget as the legislative vehicle for passing a tax reform package. Congress can vote on the budget as soon as next week. After Republicans pass the 2018 budget, they can use budgetary reconciliation to pass a tax reform package that will allow for the Senate to pass tax reform with a simple majority.
Chairman Meadows said that Republicans need to pass a tax reform package before Thanksgiving.
“It’s time we get serious about growing our economy and pass real #taxreform by Thanksgiving–this is a must-win opportunity,” Meadows said. “The framework released today is a strong first step toward pro-growth #TaxReform that will allow hard-working taxpayers to succeed.”