text: TAX POLICY  CENTER |  URBAN INSTITUTE & BROOKINGS INSTITUTION
  
  "On September27, 2017,  the White House and the congressional Republican leadership (the “Big Six”) released their“Unified  Framework  for  Fixing Our Broken Tax Code.”The framework  would collapse the seven individual income tax rates to three(12, 25, and 35percent), increase  the standard deduction, eliminate  personal exemptions, increase the child tax credit, eliminate  most itemized deductions, repeal the individual  and corporate alternative  minimum taxes, repeal the estate tax, reduce  the corporate  tax rate from 35 to 20 percent,tax pass-through business incomeat a top rateof  25 percent,  allow businesses to fully expense investment in equipment and machinery  for  at least five years, and adopt a territorial  tax  system that would  exempt the foreign earnings of US corporationsfrom US tax"
  
  The report also says "80% of the total benefit would accrue to the top 1% whose after-tax income would increase 8.7%"