President Trump's outline for tax reform is a giant step toward improving the infamously dense and complicated U.S. tax code. Lowering the corporate tax rate to 15 percent and moving toward a territorial tax system will help business competitiveness. On the individual side, eliminating the Alternative Minimum Tax (AMT), moving from seven tax brackets to three, and increasing the standard deduction while limiting some itemized deductions will simplify the code and make it easier for individuals to comply.

While further details of President Trump's plan will be released at a later date, the outline released today shows the President is serious about reforming our tax code to improve economic growth, help job creation, and reduce the complexity inherent within the current tax system that severely distorts individual and business decisions.