Announcing The Unified Framework For Fixing Our Broken Tax Code

See the Unified Framework For Fixing Our Broken Tax Code at FairAndSimple.gop.

It’s time that Americans be rewarded for their hard work. Many of you are looking at our current tax code and seeing a document that discourages savings and investment instead of encouraging and rewarding your success.

We’re changing that.

Over the past several years, the House Committee on Ways and Means and the Senate Finance Committee have worked to examine, develop, and review various tax reform proposals.

Building on this and the input of American families, business leaders, and policy experts, we’re confident that a shared vision for real and timely tax reform is here. The House, Senate, and White House are working together and making this a reality.

So, without further ado, we’re excited to announce our first big step towards a tax code that is built for growth, supports middle class families, defends our workers, protects our jobs, and puts America first. Together, Republicans are leading the charge behind a unified framework.

Here are some key points from the Unified Framework For Fixing Our Broken Tax Code

  • It calls for consolidating the current seven tax brackets into three brackets of 12%, 25%, and 35%.
  • It roughly doubles the standard deduction to $24k for married taxpayers filing jointly, and $12k for single filers.
  • It limits the maximum tax rate for small and family-owned businesses to 25% – significantly lower than the top rate that these businesses pay today.
  • It eliminates most itemized deductions, but doubles the standard deduction and retains tax incentives for home mortgage interest and charitable contributions.

These are just four points from the available framework. See it for yourself at FairAndSimple.gop.

As we move forward in the legislative process, we will keep you up-to-date with our progress each step of the way.

So, what’s the next step? Now that the House, Senate, and White House have a unified framework,  the House Ways and Means Committee and the Senate Finance Committee will work to turn the framework  into a bill. The framework is only the first step, now the hard work of actually penning the legislation takes off.

Stay tuned for more! We’re not done yet.

See the Unified Framework For Fixing Our Broken Tax Code at FairAndSimple.gop.