Republican Tax Plan Puts Money Back In Americans’ Pockets

Today, House Republicans rolled out the framework for their anticipated tax reform plan.

This plan with not only simplify the current outdated tax code, but will create a fairer system.

Republicans will see this a once-in-a-generation opportunity through to the finish.

Via The Associated Press:

President Donald Trump and congressional Republicans are proposing a far-reaching, $5 trillion plan Wednesday that would cut taxes for corporations and potentially for individuals, simplify the tax system and nearly double the standard deduction used by most Americans.

There are no details on how much it would cost, though back-of-the-envelope estimates by outside experts put the tax cuts in the range of $5 trillion over the next 10 years. The net cost to the federal debt would be far less — probably in the range of $1.5 trillion under deal put together by Senate Budget Committee Republicans — and the real battles will come as lawmakers quarrel over which tax breaks might be eliminated to help pay the balance.

The plan would collapse the number of personal tax brackets from seven to three.

The individual tax rates would be 12 percent, 25 percent and 35 percent — and the plan recommends a surcharge for the very wealthy. But it doesn’t set the income levels at which the rates would apply, so it’s unclear just how much of a tax change there might be for a typical family, and whether its taxes would be reduced.

“This is our once-in-a-generation opportunity to fundamentally rethink our tax code. We can unleash the economy — promoting growth, attracting jobs, and improving American competitiveness in the global market,” said Senate Majority Leader Mitch McConnell, R-Ky.