1、 https:/crsreports.congress.gov October 2, 2017The Tax Reform FrameworkThe proposed tax reform “Unified Framework for Fixing Our Broken Tax Code” was released on September 27, 2017. The Framework, agreed to by the majority party leaders of the House and Senate and the chairmen of the Ways and Means
2、Committee and Senate Finance Committee, along with representatives of the Administration, contains many elements of the House tax reform blueprint, the “Better Way,” released in 2016. The “Better Way” blueprint is analyzed in CRS Report R44823, The “Better Way” House Tax Plan: An Economic Analysis,
3、by Jane G. Gravelle. Many of the details of a potential tax reform are not outlined in the Framework, but remain to be determined in the legislative process. Individual Tax Revisions For the individual income tax, the plan would broaden the base by disallowing most itemized deductions except for mor
4、tgage interest and charitable contributions deductions. It would replace the current seven rate brackets (ranging from 10% to 39.6%) with three brackets, with tax rates of 12%, 25%, and 35% (with the possibility of another higher rate for the highest-income taxpayers). The rate brackets widths are n
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