Removing Barriers Blog

House Releases Blueprint for Comprehensive Tax Reform
Posted June 24, 2016 by Chandler Schuette

Speaker of the House Paul Ryan (R-Wis.) and House Ways and Means Chair Kevin Brady (R-Texas) unveiled their sixth and final agenda paper, part of Ryan’s A Better Way issues agenda. The report is meant to be a platform outlining solutions to a number of current issues facing the country. 

Brady, who is also the leader of the Tax Reform Task Force, released the paper, which is designed to serve as a blueprint for comprehensive tax reform. The paper covers tax reform from an individual and business perspective. The Ways and Means Committee expects to work on the blueprint for reform this year, with a goal of having it ready for legislative action next year.

Thankfully, we have had the opportunity to discuss the credit union tax status with the Speaker, the Chairman and other Members of Congress. We believe they understand the significance of and support the credit union tax status, so we look forward to reviewing the blueprint and any forthcoming legislative language to ensure that it is preserved.

Paul Ryan submitted a video address to CUNA’s 2016 Governmental Affairs Conference, where he said he is “very familiar with credit unions and the value they provide.” He also praised credit unions for the “critical financial role” they serve for more than 100 million Americans. He also previously cited the need for regulatory relief in another part of A Better Way that focuses on the economy. He cited CUNA’s data on the negative effects overregulation is having on community financial institutions.