Washington, DC…The GOP has released their tax plan. A few light details are below…

Lowers Rates for Individuals and Families
The framework shrinks the current seven tax brackets into three – 12%, 25% and 35% – with the potential for an
additional top rate for the highest-income taxpayers to ensure that the wealthy do not contribute a lower share of
taxes paid than they do today.

Doubles the Standard Deduction and Enhances the Child Tax Credit
The framework roughly doubles the standard deduction so that typical middle-class families will keep more of their
paycheck. It also significantly increases the Child Tax Credit.
Eliminates Loopholes for the Wealthy, Protects

Bedrock Provisions for Middle Class
To provide simplicity and fairness the framework eliminates many itemized deductions that are primarily used
by the wealthy, but retains tax incentives for home mortgage interest and charitable contributions, as well as tax
incentives for work, higher education, and retirement security.

Repeals the Death Tax and Alternative Minimum Tax (AMT)
The framework repeals the unfair Death Tax and substantially simplifies the tax code by repealing the existing
individual AMT, which requires taxpayers to do their taxes twice.
Creates a New Lower Tax Rate and Structure for Small Businesses
The framework limits the maximum tax rate for small and family-owned businesses to 25% – significantly lower
than the top rate that these businesses pay today.

To Create Jobs and Promote Competitiveness, Lowers the Corporate Tax Rate
So that America can compete on level playing field, the framework reduces the corporate tax rate to 20% – below
the 22.5% average of the industrialized world.

To Boost the Economy, Allows “Expensing” of Capital Investments
The framework allows, for at least five years, businesses to immediately write off (or “expense”) the cost of new
investments, giving a much-needed lift to the economy.

Moves to an American Model for Competitiveness
The framework ends the perverse incentive to offshore jobs and keep foreign profits overseas. It levels the playing
field for American companies and workers.

Brings Profits Back Home
The framework brings home profits by imposing a one-time, low tax rate on wealth that has already accumulated
overseas so there is no tax incentive to keeping the money offshore.