June 24, 2016
This morning, House Speaker Paul Ryan, along with other House Republicans, unveiled the tax reform portion of their “A Better Way” plan. It would consolidate the current seven tax brackets to three and would set the top tax bracket at 33 percent.
The House Republicans’ “plan is an excellent step in the right direction,” Heritage Foundation tax expert Curtis Dubay says. “If Congress follows through with a plan that follows this blueprint, it will do a tremendous service to the economy and American families."
Dubay does offer a few words of warning about the revenue-neutral billing of the plan. “Revenue-raising policies that are not pro-growth need close examination,” he says. “They could seriously hinder the ability of the plan to grow the economy if they are done incorrectly.”
The changes to the business portion of the tax system follow closely with a plan Heritage proposed in 2015.
More analysis on this morning's proposal is available at the Daily Signal HERE.