CNN has a good, easy to read, list of the major items in the tax plan. I encourage you to go read through the whole list.
Drastically lower rates for businesses. Fewer income tax rates for individuals. A much larger standard deduction and child tax credit. A repeal of the estate tax.
CNN obtained a copy Wednesday of a Republican framework for tax reform that has been in the works for months and will finally be presented Wednesday.
Given the performance of the Congress as of late, I don’t hold out high hopes that they can get this passed, but one can hope. Overall, it’s a good plan. It simplifies and streamlines the tax code. The cut in the corporate income tax, small business taxes, repeal of the AMT, repeal of the death tax, and reduction in the number of deductions are good. I’m not a fan of increasing the child tax credit. But overall, it’s a good, comprehensive plan that would greatly help America’s people and economy. I’ll get more excited about it once we see if the GOP in Congress can actually move this forward.