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House Ways and Means Committee Chairman Kevin Brady (R-TX) said on September 14, 2017, that the tax reform outline to be released by Administration and congressional negotiators the week of September 25 will probably not identify specific corporate and individual tax rates.

"Probably not to that specificity," Brady said during a Politico event, when asked whether the release will include a projected corporate rate and target individual rates, and identify deductions that must be eliminated to achieve those rates. Chairman Brady said he expects the outline to reflect "clear approaches" on the direction negotiators want to go on those issues, and to include "core elements" that will allow members of the Ways and Means Committee and Senate Finance Committee to "weigh in and do their work." Treasury Secretary Steven Mnuchin later suggested the release will specify a corporate tax rate and other details.

The release is also likely to include a clear statement from President Trump that Congress must come together to deliver legislation reflecting the framework, Brady said, adding that the President has made clear there is a new reality that if Republicans are not going to unite and deliver on tax reform, "he'll find someone else to work with."

Asked how the week-of-September 25 release will differ from previous releases that called for a territorial system and lower corporate rate, Brady said, "You'll see, I think, greater detail in those areas but it won't answer every question that everyone who is so focused on tax reform will want to ask. That's got to be left to the committees."

On the issue of whether the deductibility of net interest expense will be eliminated or changed to create revenue for rate reduction, Brady said, "That will be left to some of the details generally when we release it in two weeks and then beyond as the Ways and Means Committee really finalizes all that." He acknowledged that it would be a major change, and said that businesses want to grandfather existing debts and arrangements. Brady also said policymakers want to make sure small businesses and agriculture have exemptions, and to address issues like land. "We will continue to work toward some changes but in a way that creates certainty and helps us grow the economy," he said.

Chairman Brady said the debate between lower rates versus expensing is "foolish," because both are incredibly pro-growth, albeit expensive. He said negotiations with the White House and Senate have focused on how to get the greatest bang for their buck on expensing, at the most affordable price, and how to use provisions being moved aside to lower rates. "We're making progress," he said.

He said when the House, which is out of session next week, returns the week of September 25, President Trump and the House and Senate tax writers will unveil consensus core elements — probably later in the week rather than earlier. From there, the focus will be on the budget resolution that the House and Senate must agree to in order to provide reconciliation instructions for tax reform legislation, he said. After that is done, Brady said he will lay out a Chairman's Mark and begin the process of Committee consideration.

Senate Finance Committee Chairman Orrin Hatch (R-UT) said during a hearing, also on September 14, 2017, that the forthcoming tax reform outline "will not dictate the direction we take in this committee," and will only be viewed as "guidance or potential signposts" for a bill. "Anyone with any experience with the Senate Finance Committee knows that we are not anyone's rubber stamp," he said.

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