Ted Cruz: Tax Reform May Not Happen Until Early Next Year

Sen. Ted Cruz expects tax reform to get done “late this year or early next year” — not sticking to the hard 2017 deadline set out by top Republicans.

The Texas Republican told CNBC on Friday it will take “at least a couple months” to iron out differences within the GOP, which has a narrow majority in the Senate.

“I do think virtually every Republican wants to get to yes” on overhauling the tax system, Cruz said on “Squawk Box.”

President Donald Trump, top White House officials and House Speaker Paul Ryan have all set a target of this year to approve a tax bill. Ryan said Thursday he would keep the House in session through Christmas if necessary.

Late last month, Republicans released a framework for the taxproposal they hope to pass this year. It calls for major reductions in household and corporate income tax rates and a doubling of the standard deduction. (Read more from “Ted Cruz: Tax Reform May Not Happen Until Early Next Year” HERE)

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