What President Trump’s Tax Reform will Look Like

The outline below was created and distributed to the Press by the White House. Posts evaluating the plan will be produced at a later date. For now, we will simply post the President’s proposal.

President Trump has laid out four principles for tax reform: First, make the tax code simple, fair and easy to understand. Second, give American workers a pay raise by allowing them to keep more of their hard-earned paychecks. Third, make America the jobs magnet of the world by leveling the playing field for American businesses and workers. Finally, bring back trillions of dollars that are currently kept offshore to reinvest in the American economy.

The President’s four principles are consistent with the goals of both congressional tax-writing committees and are at the core of this framework for fixing America’s broken tax code. Too many in our country are shut out of the dynamism of the U.S. economy, which has led to the justifiable feeling that the system is rigged against hardworking Americans. With significant and meaningful tax reform and relief, we will create a fairer system that levels the playing field and extends economic opportunities to American workers, small businesses, and middle-income families.

The Trump Administration and Congress will work together to produce tax reform that will put America first.

GOALS

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. It includes:

  • Tax relief for middle-class families.
  • The simplicity of “postcard” tax filing for the vast majority of Americans.
  • The simplicity of “postcard” tax filing for the vast majority of Americans.
  • Tax relief for businesses, especially small businesses.
  • Ending incentives to ship jobs, capital, and tax revenue overseas.
  • Broadening the tax base and providing greater fairness for all Americans by closing special interest tax breaks and loopholes.

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.

TAX RELIEF AND SIMPLIFICATION FOR AMERICAN FAMILIES

Over the last decade, too many hard-working Americans have struggled to find good-paying jobs, make ends meet, provide for their families and plan for their retirement. They are the focus of this framework.

Strengthening and growing the middle class, and keeping more money in their pockets, is how we build a stronger America. By lowering the tax burden on the middle class, and creating a healthier economy, we can give American families greater confidence and help them get ahead. At the same time, taxpayers deserve a system that is simpler and fairer. America’s tax code should be working for, not against, middle-class families…

 

Read the Rest of the President’s Tax Plan at the Lid…

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