House Republicans Release Tax “Blue Print”
In an effort to begin the conversation over comprehensive tax reform, House Republicans released a tax reform “blue print” with three broad goals:
- Fuel job creation and deliver opportunity for all Americans;
- Simplify the tax Code and make it more fair and less burdensome; and
- Reform the Internal Revenue Service (IRS) so that it is more focused on customer service.
The plan, which was released last month, provides a general guideline for future discussions for reforming the tax code, which, with few legislative days remaining in an election year, will likely continue into 2017. Some proposals included in the plan that are of interest to IEC include a repeal of the federal estate and gift tax, 25 percent tax rate for business income earned, and full business expensing for new equipment.