On Thursday, Republicans released their highly-anticipated tax reform bill, which was formulated in coordination with the Trump administration. It is the most important tax legislation in modern American history. Unlike the tax proposals of the past, the Republican bill wouldn’t merely tinker with the broken U.S. tax code; it would radically transform the current tax system and catalyze economic growth in a way we haven’t enjoyed in decades.
The Republican plan was crafted with several important principles in mind. First, the plan would simplify the tax code, making it easier for people to understand what they owe. Second, it would end many of the special-interest tax breaks that have put individuals and families at a great disadvantage compared to wealthier filers and some businesses. Third, it would provide immense tax breaks for tens of millions of families across the country, with an emphasis on middle-income households and working lower-income families. Fourth, it would give businesses, including small businesses, much-needed tax relief, allowing job creators to invest more of their money in business expansion.
