The Trump Administration, along with the House Committee on Ways and Means and Senate Committee on Finance, recently released a “unified framework” for tax reform.

According to the White House, the framework will bring the tax code into the 21st century, will focus on middle-class families and will put America first. During a recent conference call, U.S. Rep. Tom Reed said he was a part of the bipartisan group that worked on the framework with President Trump.

The framework will act as a template for committees that will develop legislation on taxes, and will also develop other reforms to improve efficiency of tax law. According to the White House, bipartisan support and participation will be encouraged.

Reed, R-Corning, said the goal is to have a simple, fair tax code that focuses on the middle-class, hard-working taxpayers. He said it has been 31 years since the tax code has been looked at for reform.

“It wins for the people back home,” he said. “We are targeting this tax relief to the middle class and building policy out from there.”

Reed said they are toying with the idea of offering tax credits instead of tax deductions if State And Local Tax (SALT) deductions are done away with. According to the Government Finance Officers Association, the SALT deduction is used by 30 percent of all taxpayers, which gives the option of deducting real estate taxes, income taxes or sales taxes paid to state and local governments. The association found that if the SALT deduction were eliminated, assuming a 25 percent marginal tax rate, the average tax payer in New York that utilizes the SALT deduction would see a tax increase of almost $1,800.

Goals of the administration in tax reform include: simple tax filing for most Americans; tax relief for business, including small business; ending incentives for jobs, capital and tax revenue going overseas; and broadening the tax base and closing special interest tax breaks and loopholes.

Reed said the framework also calls for the standard deduction to basically be doubled.

The tax rate structure would change from seven tax brackets to three brackets of 12 percent, 25 percent and 35 percent. However, an additional rate may apply to the highest-income taxpayers so the code does not shift the tax burden to lower and middle-income taxpayers.

Also, the Child Tax Credit will be increased. The corporate tax rate will be lowered to 20 percent, which is below the industrialized global average of 22.5 percent.

The framework eliminates many itemized deductions, but would retain incentives for home mortgage interest, cheritable contributions, work, higher education and retirement security.

Reed said he was glad to be a part of the bipartisan effort and applauded the president for inviting Democrats into the room.