The White House released a joint statement (the "statement") with congressional Republican leadership expressing a "shared vision" for comprehensive tax reform. The group of Republican leaders consisted of House Speaker Paul Ryan (R-WI), Senate Majority Leader Mitch McConnell (R-KY), Treasury Secretary Steven Mnuchin, National Economic Council Director Gary Cohn, Senate Finance Committee Chairman Orrin Hatch (R-UT), and House Ways and Means Committee Chairman Kevin Brady (R-TX).
The Republican leaders asserted a commitment to introduce a "simpler, fairer" tax system with lower rates for American families. As described, the shared framework would reduce taxes for "small businesses so that they can compete with larger ones" and "all [U.S.] businesses so they can compete with foreign ones." The Republican leaders called for a permanent system allowing more capital expensing to facilitate economic growth. They also indicated the following priorities: (i) to create an environment where American companies are incentivized to keep jobs in America rather than outsource them overseas, (ii) to create a more "level playing field" between domestic and foreign companies," and (iii) to protect the U.S. tax base.
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