House Republicans roll out new blueprint for tax reform

By Naomi Jagoda, The Hill. 

House Republicans on Friday are unveiling a blueprint for reforming the tax code, providing the final plank of an election-year platform spearheaded by Speaker Paul Ryan (R-Wis.).

The proposal calls for lowering rates, moving the United States toward a consumption-based tax system and revamping the IRS. GOP lawmakers designed it to foster economic growth, make the tax code simpler and eliminate the reasons why companies would participate in offshore tax deals known as “inversions.”

“The approach reflected in this blueprint will be simple enough to fit on a postcard for most Americans,” the paper states.

The 35-page document provides some specifics, but leaves the details of legislation up to members of the House Ways and Means Committee.