Tax Reform 2.0 Framework a Good Start

The House Ways and Means Committee released its long-awaited tax reform 2.0 framework, which would make permanent the Tax Cuts and Jobs Act’s individual income tax changes and institute other reforms. The framework would: Make permanent the income tax rate and deduction changes scheduled to expire in 2025: The Tax Foundation’s Taxes and Growth model estimates that this would boost long-run GDP (2.2 percent) and wages (0.9 percent) and create 1.5 million additional jobs, while reducing annual federal revenues by $112 billion dynamically. Streamline retirement savings accounts: Currently, the tax treatment of retirement savings is riddled with restrictions, limitations, and rules that differ across more than a dozen types of retirement accounts. Though the framework does not specify how lawmakers would reform the current structure of retirement savings, the creation of a universal savings account would be a significant improvement over…

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