Today, the House Ways and Means Committee held a hearing regarding legislative proposals for reforming the current tax system. The testimony included:

  • Bob Goodlatte (R-VA) discussed his bill, the Tax Code Termination Act.  This proposal ends the current tax code after December 31, 2019 and requires Congress to adopt a new federal tax system by July of the same year. 
  • Roger Williams (R-TX) testified in support of his proposal, the Jumpstart America Act, which includes six separate pieces of legislation.  His proposal lays out an income tax reform plan that taxes individuals under a two-bracket system at 20% and 30%, repeals the estate tax, and reduces the corporate income tax rate to 20%.