August 7: Who Benefits From Simplification Proposed in the Republican Tax Reform Framework?

Millions of American families from every state benefit from the reforms in the GOP tax
reform blueprint. The plan doubles the standard deduction, expands the child tax credit,
and repeals the AMT. Each of these changes will be beneficial to thousands – or millions
of taxpayers in every state, according to recently released IRS data.

The unified tax reform framework released by President Donald Trump and Republicans in Congress outlines
four goals: 1) making the tax code simpler, 2) giving American families more take-home pay, 3) creating more
jobs, and 4) allowing trillions of dollars stranded overseas to come back to the U.S. economy.
The framework achieves the first goal – tax simplification for individuals and families – through several reforms
to the code.

First, the plan folds the seven brackets into three, 12 percent, 25 percent and 35 percent.
Second, the framework doubles the standard deduction to $12,000 for an individual and $24,000 for a family.
This tax reduction ensures that those currently in the 10 percent tax bracket see their taxes go down to zero.
Third, the plan expands the child tax credit while folding other deductions into this structure.
Finally, the framework repeals the Alternative Minimum Tax, simplifying tax compliance for millions of
Americans.

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