‘Frustrated’ Cruz: Tax Reform Might Not Happen Until ‘Early Next Year’

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Sen. Ted Cruz (R., Texas) suggested tax reform might not be accomplished by Congress until "early next year" during an appearance Friday on CNBC's "Squawk Box."

The Trump administration has proposed major cuts to the corporate and individual rates that would constitute the most significant reform to the country's tax system in decades. Critics charge it mainly benefits the wealthy and will balloon the deficit, while administration officials say the cuts will pay for themselves through robust economic growth.

Cruz said while the Senate had been unable to deliver on health care, he believed Republicans would get tax reform done. However, he appeared to conflict with some top Republicans' hard 2017 deadline.

"I think it'll either be late this year or early next year," Cruz said. "We're early in the debate. It's going to take at least a couple months … There are a lot of back-and-forths that are going to happen in tax reform, but I do think virtually every Republican wants to get to yes."

Cruz added a lot of people across the country are "ticked off" with GOP ineffectiveness despite its control of the White House and Congress.

"I'm frustrated … As frustrated as you are, I'm banging my head into it every day," Cruz said.

He said he wanted real tax cuts that generate "booming economic growth."

After repeated failures to repeal and replace Obamacare, a Republican-controlled Congress is desperate to nail down at least one signature legislative achievement in 2017.

House Speaker Paul Ryan said Thursday he would keep the House in session through Christmas to pass a tax plan.

"Legislators on the Senate Finance and House Ways and Means committees are developing details of a bill to reshape tax laws based on a framework Ryan and McConnell developed with White House officials and congressional tax writers," according to Politico.

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