In June, the House Republicans released a comprehensive tax reform plan that would:
- Reform the individual income tax code by lowering marginal tax rates on wage, investment, and business income
- Broaden the tax base
- Simplify the tax code
The plan would also lower the corporate income tax rate to 20% and convert it into a destination-based cash-flow tax. Finally, the plan would eliminate federal estate and gift taxes.
We have studied the plan with our Taxes and Growth Model (TAG) and found that it would have the following impact on the economy:
Read Our Full Analysis Here