On Sept. 27, the White House and congressional Republicans released a tax reform framework that will serve as a template to “achieve pro-American, fiscally-responsible tax reform.” Tax “frameworks” are never passed in their entirety, but if the plan released by Republicans is anything close to what eventually becomes law, all Americans will benefit substantially.

The framework is based on several pro-business principles: simplifying the tax code, providing tax relief for both large and small businesses, ending loopholes for special interests, and making the tax code more competitive in the global market.