President Trump and the “Big Six” have released their overall framework for tax reform, though some details remain to be decided. NPR is calling it “the most sweeping overhaul of the federal tax code in more than three decades.”
Among other changes, “[i]t would cut the top individual income tax rate from 39.6 percent to 35 percent and slash the corporate rate from 35 percent to 20 percent. The plan would also create a new, 25 percent rate for so-called ‘pass-through’ businesses that are currently taxed at the individual rate.”
At the time of this writing, the House Freedom Caucus has publicly voiced support for the plan.