Here is what you need to know about the Republican tax plan released Wednesday: It's not a tax reform plan at all.
It is a sketch of an outline of a preliminary notion of a tax cut for some — and a tax hike for others. The components read like the jumble of ideas you might expect a table of slightly inebriated Chamber of Commerce types to shout out when polled for their tax reform suggestions.
The plan is sketchy, as I say, but this is the gist: Where individuals are concerned, the seven current individual income tax brackets will become three: 12 percent, 25 percent, and 35 percent. The standard deduction will be raised to $24,000 for couples and $12,000 for individuals. There will be a substantially bigger child tax credit.