House tax chief urges business to avoid fight over tax breaksWASHINGTON (Reuters) - A chief proponent of Republican tax reform in Congress urged the business community on Thursday to avoid a battle over coveted tax breaks next year if companies hope to achieve reforms that lower tax rates to boost economic growth and productivity. “There’s incredible pressure in Washington not to change a thing, for everyone to keep every special provision there is,” said Representative Kevin Brady, chairman of the U.S. House of Representatives tax committee. “That tax code is dragging our economy down, wasting billions of dollars in compliance costs and hurting salaries and jobs and growth.” Brady was speaking to reporters after a speech on tax reform at the conservative Heritage Foundation think tank, where he promoted his own plan to lower the corporate income tax rate from 35 percent to 20 percent and repatriate an estimated $2.6 trillion in U.S. corporate profits stashed overseas. The House plan, released in June, closely parallels the latest tax reform proposals from President-elect Donald Trump, and the two sides are working to hammer out an agreement on tax reform legislation that could move forward early next year. The Republican plan would pay for tax cuts by eliminating hundreds of tax breaks, including one that allows businesses to deduct net interest costs on debt, a policy heavily favored by Wall Street investors. In addition to a sharply lower tax rate, it would provide businesses with other advantages, including the ability to immediately write off the cost of capital investments. The plan would also end taxation on revenues from exports and impose a new tax on imports. Brady says the approach would result in more buoyant economic growth and a vastly simpler tax code.  “While some would like to have fights over individual provisions in the tax code, the debate we’re looking for in America is whether Americans want something this fair and this simple and this understandable and are willing to make the trade-offs,” he told his Heritage Foundation audience. “The ability to buy those new buildings, equipment, software, technology and items that not just grow the economy but grow productivity and wages for workers - we think that’s awfully important.”  Brady said the staff of his Ways and Means Committee has begun writing tax reform provisions for next year but added that the panel will also accept feedback from the business community and other taxpayers through the end of 2016. politicsNews
house tax chief urges business avoid fight tax breakswashington reuters a chief proponent republican tax reform congress urged business community thursday avoid battle coveted tax breaks next year companies hope achieve reforms lower tax rates boost economic growth productivity there incredible pressure washington change thing everyone keep every special provision said representative kevin brady chairman house representatives tax committee that tax code dragging economy wasting billions dollars compliance costs hurting salaries jobs brady speaking reporters speech tax reform conservative heritage foundation think tank promoted plan lower corporate income tax rate percent percent repatriated estimated trillion corporate profits smashed overseas the house plan released june closely parallels latest tax reform proposals donald trump two sides working hammer agreement tax reform legislation could move forward early next year the republican plan would pay tax cuts eliminating hundreds tax breaks including one allows businesses deduce net interest costs debt policy heavily favored wall street investors in addition sharply lower tax rate would provide businesses advantages including ability immediately write cost capital investments the plan would also end taxation revenues exports impose new tax imports brady says approach would result buoyant economic growth vastly simpler tax code while would like fights individual provisions tax code debate looking america whether americans want something fair simple understandable willing make told heritage foundation audience the ability buy new buildings equipment software technology items grow economy grow productivity wages workers think awfully brady said staff ways means committee begun writing tax reform provisions next year added panel also accept feedback business community taxpayers end politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: House tax chief urges business to avoid fight over tax breaksWASHINGTON (Reuters) - A chief proponent of Republican tax reform in Congress urged the business community on Thursday to avoid a battle over coveted tax breaks next year if companies hope to achieve reforms that lower tax rates to boost economic growth and productivity. “There’s incredible pressure in Washington not to change a thing, for everyone to keep every special provision there is,” said Representative Kevin Brady, chairman of the U.S. House of Representatives tax committee. “That tax code is dragging our economy down, wasting billions of dollars in compliance costs and hurting salaries and jobs and growth.” Brady was speaking to reporters after a speech on tax reform at the conservative Heritage Foundation think tank, where he promoted his own plan to lower the corporate income tax rate from 35 percent to 20 percent and repatriate an estimated $2.6 trillion in U.S. corporate profits stashed overseas. The House plan, released in June, closely parallels the latest tax reform proposals from President-elect Donald Trump, and the two sides are working to hammer out an agreement on tax reform legislation that could move forward early next year. The Republican plan would pay for tax cuts by eliminating hundreds of tax breaks, including one that allows businesses to deduct net interest costs on debt, a policy heavily favored by Wall Street investors. In addition to a sharply lower tax rate, it would provide businesses with other advantages, including the ability to immediately write off the cost of capital investments. The plan would also end taxation on revenues from exports and impose a new tax on imports. Brady says the approach would result in more buoyant economic growth and a vastly simpler tax code.  “While some would like to have fights over individual provisions in the tax code, the debate we’re looking for in America is whether Americans want something this fair and this simple and this understandable and are willing to make the trade-offs,” he told his Heritage Foundation audience. “The ability to buy those new buildings, equipment, software, technology and items that not just grow the economy but grow productivity and wages for workers - we think that’s awfully important.”  Brady said the staff of his Ways and Means Committee has begun writing tax reform provisions for next year but added that the panel will also accept feedback from the business community and other taxpayers through the end of 2016. politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: house tax chief urges business avoid fight tax breakswashington reuters a chief proponent republican tax reform congress urged business community thursday avoid battle coveted tax breaks next year companies hope achieve reforms lower tax rates boost economic growth productivity there incredible pressure washington change thing everyone keep every special provision said representative kevin brady chairman house representatives tax committee that tax code dragging economy wasting billions dollars compliance costs hurting salaries jobs brady speaking reporters speech tax reform conservative heritage foundation think tank promoted plan lower corporate income tax rate percent percent repatriated estimated trillion corporate profits smashed overseas the house plan released june closely parallels latest tax reform proposals donald trump two sides working hammer agreement tax reform legislation could move forward early next year the republican plan would pay tax cuts eliminating hundreds tax breaks including one allows businesses deduce net interest costs debt policy heavily favored wall street investors in addition sharply lower tax rate would provide businesses advantages including ability immediately write cost capital investments the plan would also end taxation revenues exports impose new tax imports brady says approach would result buoyant economic growth vastly simpler tax code while would like fights individual provisions tax code debate looking america whether americans want something fair simple understandable willing make told heritage foundation audience the ability buy new buildings equipment software technology items grow economy grow productivity wages workers think awfully brady said staff ways means committee begun writing tax reform provisions next year added panel also accept feedback business community taxpayers end politicsnews