Top House Republican tax writers delay their reform bill until Thursday for a 'few finishing touches'

Key Points
  • House Republicans have decided to postpone the release of their tax bill by one day.
  • "We just had a few finishing touches to do," says House Budget Chairwoman Diane Black.
Rep. Diane Black: GOP tax bill is 'gift' to American people
Rep. Diane Black: GOP tax bill is 'gift' to American people

House Republicans, in consultation with President Donald Trump, postponed the release of their tax bill by one day until Thursday.

"We just had a few finishing touches to do," House Budget Chairwoman Diane Black told CNBC. "We wanted to make sure we had this right when we put it out."

The complexity of providing working Americans and corporations with tax cuts, while at the same time overhauling and simplifying the U.S. tax code is "almost like a puzzle," Black said on "Squawk Box."

"Of course there will be winners and losers," but when lawmakers see the whole bill "it will be something most people will like," the Tennessee Republican said.

Black is also a member on Ways and Means, which is taking the lead on crafting the legislation. She acts as a liaison between the two committees.

House Ways and Means Chairman Kevin Brady, R-Texas, issued this statement Tuesday night confirming earlier reports about the delay.

Ways and Means Committee Members met tonight to discuss the work we are doing on pro-growth tax reform. In consultation with President Trump and our leadership team, we have decided to release the bill text on Thursday. We are pleased with the progress we are making and we remain on schedule to take action and approve a bill at our Committee beginning next week.

A short time later, Trump tweeted encouragement.

The Republican House members are working hard (and late) toward the Massive Tax Cuts that they know you deserve. These will be biggest ever!

A compromise was under discussion on one of the sticking points — allow taxpayers from high-tax states, such as New York, New Jersey and California, to continue to deduct property taxes from their federal tax bills, according to NBC News. But the provision that allows taxpayers to deduct their state and local taxes from their federal tax returns would be eliminated.

Black explained why this particular issue is so divisive. "Our taxes, particularly in Tennessee are low, but we're subsidizing places like New York and California," she said. "They have their governors continuing to raise their taxes and then just write it off because they can write it off in the federal government." That's not fair, she added.

A new NBC News/Wall Street Journal poll finds that just 25 percent call the Trump tax plan a good idea, while 35 percent call it a bad idea and the rest had no opinion.

Black said the tax bill will be released at 9 a.m. EDT Thursday.