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.
“We have a once-in-a generation opportunity to give American workers and businesses the level playing field they deserve and make us competitive once again on the world stage,” said Director of the National Economic Council Gary Cohn. “The Administration and Congress have worked together to develop this unified framework for tax reform, which will grow our economy, create jobs, and provide relief for working families. This framework will deliver on the President’s promise to end the rigged system that has kept our workers and businesses down for too long.”
This unified framework serves as a template for the tax-writing committees that will develop legislation through a transparent and inclusive process. The committees will also develop additional reforms to improve the efficiency and effectiveness of tax laws and to achieve the framework’s goals. The Chairmen of the tax-writing committees welcome and encourage bipartisan support and participation in the process.
The full framework is available here, and a one-page overview is available here.