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How Tax Reformers Can Add $500 Billion in Family Tax Cuts without Gutting Business Tax Reform

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How Tax Reformers Can Add $500 Billion in Family Tax Cuts without Gutting Business Tax Reform

November 13, 2017

Within the tax reform bills produced by the House Ways and Means Committee and the Senate Finance Committee, a potential $1.5 trillion compromise:

  • Doubles the child tax credit to $2,000, provides a permanent $300 family tax credit, and expands the EITC;
  • Nearly doubles the standard deduction;
  • Cuts the corporate tax rate to 20 percent, with territorial taxation and permanent business expensing;
  • Eliminates the AMT, estate tax, and the proposed 46 percent “bubble tax”;
  • Includes small business tax cuts and itemized deduction limitations that can pass Congress; and
  • Does this all without fake expirations after five years.

I call this the “Bipartisan Blueprint.” Overall, this Bipartisan Blueprint would add $500 billion in family tax cuts without eliminating any of the pillars of business tax reform. 

To download a full version of the report clickPDF iconhere

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