Today, the Trump Administration and House and Senate leaders released a framework for tax reform that will put money back in the pockets of hard-working families. Over the coming months the House and Senate will use this framework to develop legislation to make our tax code simpler and fairer.
"Our tax code is broken," said McKinley. "It's been more than 30 years since we last updated the tax system, and the time is now to fix it."
"With more than three quarters of American workers living paycheck to paycheck, we need to ensure middle class families keep more of what they earn," said McKinley. "With that extra money they can save for retirement or their kids' education, pay off debt, or buy a new car."
The framework also includes reforms to protect American jobs and allow American companies to compete on an even playing field with China and other foreign competitors.
"Our current system jeopardizes American jobs by giving companies reason to move off-shore," said McKinley. "By lowering taxes for small and family-owned businesses and making the rates American companies pay more in line with the rest of the world, we will help protect jobs and make America more competitive."
"In the months ahead we will be holding hearings and developing the details to move this plan forward," said McKinley. "This framework is an important first step."