House and Senate republicans released the outline of their tax overhaul plan yesterday. The plan, called “United Framework for Fixing Our Broken Tax Code” calls for the consolidation of the seven tax brackets under the current system to three. The brackets will be 12 percent for the lowest-income earners, 25 percent for middle-income earners and 35 percent for the highest. Congressman Scott Tipton says the current tax code does not work for Americans because it’s too complicated, punishing small businesses and putting US companies at a disadvantage globally. Tipton believes the framework of the tax plan includes principles necessary to allow individuals and families to keep more of the money they earn. Senator Cory Gardner agreed, saying too many Colorado families over the last few years have felt they cannot get ahead. Gardner believes providing tax relief for hardworking families will jump-start the economy and put more money in their pockets. He says the outline of the tax plan released yesterday is a good start for the House and Senate as they begin bipartisan hearings on how to best fix our confusing and over-sized tax code. If the attempts to change the tax code are successful, it will be the first time our nation’s tax code has been overhauled since 1986. A link to the republican plan is available here.