Republican leaders in the House and Senate praised President Trump’s tax reform outline as “critical guideposts” for a legislative overhaul.
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“The principles outlined by the Trump Administration today will serve as critical guideposts for Congress and the Administration as we work together to overhaul the American tax system and ensure middle-class families and job creators are better positioned for the 21st century economy,” the lawmakers said in a joint statement.
It was released by Speaker Paul Ryan, R-Wis., and Senate Majority Leader Mitch McConnell, R-Ky., and the chairs of the House and Senate tax-writing panels, Rep. Kevin Brady, R-Texas and Sen. Orrin Hatch, R-Utah, just after Trump unveiled his tax reform outline.
“Lower rates for individuals and families will allow them to keep more of their hard-earned money and empower them to invest more in their future,” they said. “Getting tax rates down for American companies, big and small, will create new jobs and make the United States a more inviting place to do business.”
“With an eye toward fairness and simplicity, we’re confident we can rebuild our tax code in a way that will grow our economy, better promote savings and investment, provide our job creators with a competitive advantage, and bring prosperity to all Americans,” they added.
Republicans in the House and Senate have been working for weeks on their own plans to reform the tax code. They held a brief meeting about tax reform with Treasury Secretary Steve Mnuchin on Tuesday.
