The Republican framework for tax reform was released Wednesday. As expected, we don’t have much details, but it gives us a good idea about how the “Big Six” are thinking.

There is a lot to like in this plan: It reforms the corporate income tax system, it reduces the tax rate for small businesses and S-corps, it simplifies the tax brackets on the individual side of the code from seven to three, it eliminates some of the tax exemptions which are both a handout to special interests and make the tax code complex and unfair. The bottom line is that, if implemented, it would be an improvement of our tax code.