WASHINGTON, D.C. – The Trump Administration, the House Committee on Ways and Means, and the Senate Committee on Finance have developed a unified framework to achieve pro-American, fiscally-responsible tax reform. This framework will deliver a 21st century tax code that is built for growth, supports middle-class families, defends our workers, protects our jobs, and puts America first. It will deliver fiscally responsible tax reform by broadening the tax base, closing loopholes and growing the economy.
“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,” said House Ways and Means Committee Chairman Kevin Brady (R-TX). “Today, House Republicans joined President Trump and our Senate colleagues in letting the American people know: we’re taking action. After years of work, we are moving forward with a unified framework that paves the way for bold, transformational tax reform – tax reform that will bring more jobs, fairer taxes, and bigger paychecks. We have a lot of work ahead. But this moment marks a major step forward in the process.
“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.”
This unified framework serves as a template for the tax-writing committees that will develop legislation through a transparent and inclusive committee process. The committees will also develop additional reforms to improve the efficiency and effectiveness of tax laws and to effectuate the goals of the framework. The Chairmen welcome and encourage bipartisan support and participation in the process.