CHARLESTON, W.Va. — West Virginia Second District Congressman Alex Mooney (R-W.Va.) says he’s glad both the U.S. House of Representatives and U.S. Senate have presented tax reform plans.
“We’re going to pass a bill. They’re going to pass a bill. I think we’ll actually go to conference and reconcile the differences. It’s something we haven’t seen in this country in a long time,” Mooney said on Monday’s MetroNews “Talkline.”
The House is scheduled to vote on its plan this week. A vote from the Senate could come after the Thanksgiving holiday.
Mooney said he’s expecting changes to the current House bill.
“There’s going to be compromises,” he said. “The Senate bill is pretty different in many ways. They keep seven tax brackets. I thought we were trying to simplify the tax code. They keep seven. Ours is four. We originally campaigned on three, so in my view, we’re going the wrong direction there with the number of tax brackets, but it’s still much better than current law.”
Lowering the corporate tax rate will result in thousands of jobs for West Virginians, Mooney said.
“If we lower that corporate tax rate, I think you’ll see these jobs come back. I know you will because we’re heard from the owners of these companies,” he said. “We would move those monies and those jobs back to America if you lower that corporate tax rate.”
The corporate tax rate would decrease from the current rate of 35 percent to 20 percent, according to the Senate’s plan. Unlike the House’s plan, it would not take affect until 2019.