Smith on Introduction of Tax Reform Framework

Congressman Adrian Smith (R-NE) released the following statement today on the introduction of the tax reform framework by the Trump administration, the House Committee on Ways and Means, and the Senate Committee on Finance.

“Today, we are joining with President Trump to outline our unified path forward on the first comprehensive, permanent tax reform in more than 30 years,” Smith said. “Many principles I have advocated for during my years on the Ways and Means Committee, including lowering rates, simplifying compliance, and eliminating the double-taxation death tax, are included in the framework.

“Crucial reforms, such as reducing the number of tax brackets from seven to three and doubling the standard deduction to allow most Americans to file their taxes on a form the size of a postcard, will help taxpayers save time and more of their own money – which they can then invest back into our economy rather than handing it over to the IRS. We are already working on turning the framework into a bill this fall to deliver a simpler, fairer tax code which will benefit all Americans, and I look forward to continuing to move this process forward.”

Click here to view the full framework. A one-page summary is available here.

Smith serves on the Ways and Means Committee, which has jurisdiction over tax policy.