Earlier this week, House Republicans joined the President and Senate Republicans in unveiling a pro-growth tax reform framework designed to create more jobs, fairer taxes, and bigger paychecks.
This framework will pave the way for the House and Senate tax-writing committees as they continue their efforts to overhaul today’s broken tax code. As House Ways and Means Committee Chairman Kevin Brady (R-TX) said on Wednesday:
“This is an exciting day for the millions of Americans who are tired of today’s broken tax code and have waited for years for better job opportunities, more take-home pay, and a stronger economy …
“Now it’s time for the Ways and Means Committee to build on this momentum and deliver legislation that President Trump can ultimately sign into law. We are closer than ever to finishing what we have started for the American people – and 2017 is our year to make it happen.”
Ways and Means Committee Republicans have already started transforming this unified framework into bold tax reform legislation. Here’s what they’re working to deliver:
Rep. Peter Roskam (R-IL), Chairman of the Tax Policy Subcommittee:
“For far too long middle-class families and small businesses have been saddled with an overly complicated, unfair tax system. The framework we’ve established will help ensure that hard-working Americans get a tax system that works for them.”
“Not only does Washington have a much-needed chance to make the code simpler – which I strongly believe is necessary, but it’s an opportunity to enable businesses so they are better able to compete in the global economy.”
“This is an historic opportunity to overhaul our code and identify solutions that work to fight poverty and ensure more people – no matter their background or zip code – are empowered to succeed.”
“The framework outlines a plan that provides tax relief and a simplified code to middle-class families, making Americans’ day-to-day life more affordable so individuals and families can focus on the things that matter … This is a once-in-a-generation opportunity that will improve the lives of American families for generations to come.”
“This plan cuts taxes for middle class families, simplifies a broken tax code, and jump-starts the economy by making businesses more competitive.”
“Crucial reforms, such as reducing the number of tax brackets from seven to three and doubling the standard deduction to allow most Americans to file their taxes on a form the size of a postcard, will help taxpayers save time and more of their own money – which they can then invest back into our economy rather than handing it over to the IRS.”
“Under our framework, everyone pays a lower rate …Our approach will actually lessen the tax avoidance and simultaneously bring American companies firmly in line with our global competitors.”
“Tax reform is about one thing: Restoring the hope of prosperity for American workers, their families, and, most importantly, the next generation.”
“The current tax system – last updated 30 years ago – forces taxpayers to pay astronomical rates and fill out complicated, unnecessary forms. Americans deserve better.”
“We’re restarting the heart of America. The time is now to make real reforms to our broken and dated tax code and to unleash small and local business and manufacturing. We’re making it possible for America to do what it does best: innovate, grow the economy, and create jobs.”
“This is a relief plan for hardworking Americans who are tired of forfeiting too much of their hard-earned paycheck to the government. The foundation of this framework is the mandate delivered loudly by the American people last year. … By cutting and simplifying taxes for both workers and businesses, Americans will finally have more money and time back in their hands.”
“The current tax code is a colossal barrier standing in the way of making the United States the most competitive place to build and grow a business. The unified tax framework released this week will help our companies hire, grow and thrive in America.”
“It will be a shot in the arm for job growth. It will help our workers and our businesses compete and win in the global marketplace. It unwinds the web of carve-outs and special interest loopholes. And it cuts taxes on small businesses, the drivers of our economy, empowering them to invest and hire.”
“In the 30 years since we last reformed the tax code, very little has been done to modernize that tax code – only loopholes that have nearly tripled its size and made it infinitely more complex. The framework lays out a simpler path forward … achieving more job creation, bigger paychecks, and a stronger economy.”
“Tax reform needs to not only help your small business or your farm, but also your family. Whether you drive a truck, teach school, milk cows, grow soybeans or run a business that hires local folks, we are writing a tax code that will help create more Missouri jobs and bring more money home to your family.”
“If we really want to grow the middle class … we must make our tax code competitive in the world.”
“Opportunity is coming for every American. This tax reform framework allows Arizonans to keep more of their paychecks and encourages much-needed economic growth. There is still much to do but this plan is a huge step forward for a fairer and simpler tax code.”
“Hoosiers deserve a fairer, simpler tax code that makes America more competitive … that’s exactly what we’re going to deliver.”
“This is quite an exciting opportunity … because we have the opportunity to improve the lives of every single American in this country.”
“Our unified framework for tax reform is about helping our families and businesses get ahead – and allowing you to keep more of what you earned.”
“A simpler and fairer tax code is the key to more money in the pockets of hardworking families. For too long we’ve lived with a tax code that’s overly complicated, uncompetitive and unfair. In Texas, we know that the ingredients for economic growth are limited government and lower taxes. This framework is the foundation for real tax relief and economic growth in America.”
CLICK HERE to learn more about how our unified framework will deliver long-awaited tax relief to middle-class families and small businesses and grow our economy.
CLICK HERE to read the full framework.
CLICK HERE for a one-page summary.