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.
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