Overhauling the nation's tax code for families and business will happen this year, House Ways and Means Committee Chairman Kevin Brady promised on CNBC on Wednesday.



With Republicans controlling the White House and Capitol Hill, Brady said there can't be any delay.

"We get a chance for tax reform once in a generation," the Texas Republican said on "Squawk Box," promising the lowest tax rates in "modern times."



President Donald Trump has also made tax cuts a top priority for his administration.

Trump and GOP leaders want Democrats to help chart the course for taxes, Brady said, but stressed Republicans are prepared to go it alone.

Under the banner "A Better Way Forward," Brady is leading the House effort to revamp the tax code.

In an earlier "Squawk Box" interview, House Majority Leader Kevin McCarthy said tax reform, rolling back , and repealing and replacing are the top three priorities for the House.