The Budget Committee would be left to decide discretionary caps after 2015 and before 2021.
Finance would be required to reduce tax rates to three tax brackets of rates: of 8-12 percent, 14-22 percent and 23-29 percent. The current top marginal rate is 35 percent.
The corporate tax rate would be between 23 percent and 29 percent, and tax reform would cease taxation of oversees profits.
Sens. Kent Conrad (D-N.D.), Mark WarnerMark WarnerGOP, Dems hear different things from Trump Decaying DC bridge puts spotlight on Trump plan Overnight Cybersecurity: Dems split on Manning decision | Assange looking to make deal MORE (D-Va.), Dick DurbinDick DurbinJustice requires higher standard than Sessions Warren burns Mnuchin over failure to disclose assets Trump Treasury pick to defend foreclosure record MORE (D-Ill.), Mike CrapoMike CrapoLive coverage of Sessions confirmation hearing Senate rejects Paul's balanced budget Dems attack Trump SEC pick's ties to Wall Street MORE (R-Idaho), Saxby ChamblissSaxby ChamblissWyden hammers CIA chief over Senate spying Cruz is a liability Inside Paul Ryan’s brain trust MORE (R-Ga.) and Tom CoburnTom CoburnCoburn: Trump's tweets aren't presidential The road ahead for America’s highways Rethinking taxation MORE (R-Okla.) back the Gang plan and are hoping to get 60 senators to support it within the next few days. The framework could be attached to the debt-ceiling compromise.