Unified Framework for Fixing Our Broken Tax Code

Utah Senator Says, “We are committed to creating a healthier American economy that will produce more jobs, bigger paychecks and a fairer, more predictable system for taxpayers across the country. The challenge before us is clear. The Senate Finance Committee is ready to roll up its sleeves and get to work.”

WASHINGTON – 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. 

“For too long, Americans have been bogged down by an outdated tax code that runs counter to the goal of growth and fails to promote jobs and investment here at home,” Hatch said. “Principals in the Senate, House and administration recognized this challenge and worked with members to find consensus and produce a unified framework that marks a significant shift away from America's broken tax system.” 

Hatch continued, “Providing much-needed relief – whether it be doubling the standard deduction or expanding the Child Tax Credit – will help lift the middle class and let hardworking families keep more of their hard-earned dollars. A fairer rate for American small businesses will give these proven job creators an opportunity to further grow their businesses and hire new workers with better pay. And, modernizing our tax structure to better meet the demands of the 21st century economy will prevent foreign competitors from gaming the U.S. tax system and encourage American companies to bring back jobs and profits that have been stranded overseas. 

“Our unified framework will launch a robust legislative process and serve as a critical roadmap for the tax-writing committees, as we draft legislation for a tax overhaul that embraces Republicans’ shared vision. We are committed to creating a healthier American economy that will produce more jobs, bigger paychecks and a fairer, more predictable system for taxpayers across the country. The challenge before us is clear. The Senate Finance Committee is ready to roll up its sleeves and get to work.”

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.

The full framework can be found HERE, and a one page overview can be found HERE. 

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