BREAKING: Republicans Release Tax Reform Plan

House Speaker Paul Ryan of Wis., speaks during his weekly press conference on Capitol Hill, Thursday, Oct. 26, 2017, in Washington. (AP Photo/Andrew Harnik)

The big push by Congressional Republicans right now is tax reform, and the House Ways and Means committee has released its plan and the talking points to go along with them.

Headlining the proposed changes are a huge reduction in the corporate tax rate from 35 percent to 20 percent.

There are also cuts to individual tax rates and increases in the standard deduction.

A controversial idea that was reported on by the New York Times – reducing the annual contribution limit to a 401(k) – did not make it into the bill, an outcome we at RedState recently predicted.

There are lobbying groups that are already out with ads targeting members of the House Ways and Means committee. Via Politico:

The National Association of Realtors has already begun lobbying against the proposal, with online ads targeting Ways and Means members warning of changes to the popular mortgage interest deduction and a writeoff for state and local taxes.

“Don’t let tax reform become a tax increase for middle-class homeowners,” the ad says.

Congressional Republicans are hoping to push this reform package through very quickly. The goal is to get the bill passed and signed into law before the year-end recess.