House Ways and Means Chairman Kevin Brady said Tuesday that the tax overhaul Congress is considering now won’t be the last tax bill.
“This is not the last step. We still have some work to do,” the Texas Republican said at an event hosted by the American Enterprise Institute. He cited additional work that could be done in the retirement and financial product areas of the tax code as examples of potential future legislation.
The tax overhaul will boost worldwide competitiveness of the United States, which is currently ranked 31st out of 35 developed nations, Brady said.
“Us leapfrogging back into the top three to five worldwide, keeping us there, obviously is a bit of game-changer,” he said. “But I don’t see our competitors stopping. This is a competitive game.”
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Because of that, the U.S. can’t stop either, Brady suggested.
“After we finish this tax reform, I don’t see that as completing our work,” he said. “We’re going to continue to do tax reform where it makes us more competitive.”
However, Brady said not to expect another tax bill in 2018.
“I’m not saying next year. I’m going to have to recover from this one,” he joked.
But that doesn’t mean the Ways and Means Committee will be resting. On the panel’s agenda for next year, Brady said, is trade, welfare and health care changes.