From the Morning Memo:

While the full Republican tax reform plan has finally been released, there’s still plenty of legislative process left to go. Republican Rep. Tom Reed, a member of the House Ways and Means committee responsible for crafting the measure, says work on the plan continues.

He believes Congress is on track to move the bill through both houses and get it on the president’s desk by the end of the year. While recognizing the GOP leadership’s recent struggles to move anything of substance through Washington, Reed believes this time will be different.

“I do believe the conference has learned a lot from the healthcare situation, and I could sense it in the conference today when (the tax reform plan) was rolled out to our colleagues on the Republican side,” he said. “There is a positive energy where we feel united.”

One of the major points of contention, particularly in New York and other highly-taxed states, was the proposed elimination of the State and Local Tax reduction, known in political shorthand as “SALT.”

Reed said there was a lot of effort to preserve the deduction in its entirety, but that effort failed.

In the end, Republicans reached a compromise, preserving the property tax deduction up to $10,0000 while eliminating the income tax deduction. Reed said the GOP has done analysis in his rural district, NY-23, and found 99.7 percent of taxpayers will benefit from the compromise.

“If the one percent have to pay the same or pay a little bit more, I’m willing to declare that a victory and accept that position and take the heat from those individuals,” the congressman said.

The congressman said he’s not 100 percent satisfied with the end result. For example, the bill will add significantly to the national deficit, which is not something he’s thrilled out, and he plans to continue to do everything he can to limit that hit.

Reed said he does believe that the plan, if passed, can create significant economic growth that would mitigate its downsides.

“You start growing the economy, you can go a long way to bridging that debt crisis that’s upon us,” he said. “You’ve heard me say it repeatedly, the solution to our national debt crisis is growth. We’re delivering that with this bill.”

Reed also addressed concerns about the proposed elimination of the Historic Tax Credit, which is commonly used to save buildings and spur economic growth in rust belt areas like Western New York and the Southern Tier.

Reed said he is a firm believer in the credit, and insisted it’s not dead yet.

“Stay tuned,” he said “We are working every angle, also our partners in the Senate in particular. So we have a Plan A. We have a Plan B, and as we go through this process we just ask you to bear with us.”

The congressman would not commit to voting against a final bill that doesn’t preserve the Historic Tax credit. He said he believes lawmakers who hold out for a bill that contains 100 percent of what they want tend to cause “destruction and gridlock.”