The long-awaited tax reform outline has been released by Republican lawmakers. Their goal is to cut tax rates for individuals and businesses as well as encourage businesses to be competitive and simplify the Internal Revenue Code.
Individual Tax Reform
Individual tax reform would be fairly extensive and is outlined below:
Only Three Tax Brackets: 12%, 25%, and 35%. Currently, there are 7 Tax Brackets ranging from 10% to 39.6%. There is also language in the tax-writing to allow a fourth