House Ways and Means Committee Holds Hearing on FY 2019 Budget Proposal: The House Ways & Means Committee held a hearing today on the Administration’s fiscal year 2019 budget proposal. In his opening statement, Committee Chairman Kevin Brady (R-TX) noted that the 20% deduction for pass-through business income was “having unintended consequences for our farmers and our ranchers due to the treatment of farm cooperatives.” He also stated that he was “committed to working with our Ways and Means Members, with Senator Hatch and the Senate Finance Committee, and the Administration and stakeholders to develop the right solution now – one that is thoughtful, carefully crafted, and successful in restoring balanced competition in the marketplace.” Treasury Secretary Steven Mnuchin also testified.