Speaker of the House Paul Ryan addresses a news conference to introduce the House Republicans' tax reform proposal with House Ways and Means Committee Chairman Kevin Brady and House Majority Whip Steve Scalise in the Rayburn Room at the U.S. Capitol June 24, 2016 in Washington, DC. 

 
Speaker of the House Paul Ryan addresses a news conference to introduce the House Republicans' tax reform proposal with House Ways and Means Committee Chairman Kevin Brady and House Majority Whip Steve Scalise in the Rayburn Room at the U.S. Capitol June 24, 2016 in Washington, DC.    - 
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Marketplace

This is it, Republicans’ best chance at reforming the tax code. For years, the GOP has tried to craft a comprehensive plan that would close loopholes, end many deductions and collapse income tax brackets down to just a few — not to mention cut tax rates for many. Now, with the incoming Trump presidency and control of both chambers of Congress, we take a closer look at the GOP’s plans.

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