The following email from The Tax Foundation is a good starting place to understanding what is going on in Washington on taxes:

Today is a big day in tax reform. Minutes ago, a coalition of House, Senate, and Administration officials known as the “Big Six” released a joint framework for tax reform.

This isn’t the first plan we’ve seen surface, but it’s an important one.

This is the first unified statement of principles and policies from the parties directly responsible for overhauling our tax code and it means we’re one step closer to lasting reform.

Here’s an inside look at what’s on the table:

Personal Income Taxes
Tax brackets
Consolidates the current seven tax brackets into three brackets, with rates of 12 percent, 25 percent, and 35 percent. Leaves room for lawmakers to add a higher fourth bracket rate, to apply to high-income taxpayers. Suggests that brackets should be indexed to “a more accurate measure of inflation,” which may refer to chained CPI.

Standard deduction
Increases the standard deduction to $12,000 for single filers and $24,000 for married filers (currently: $6,350 for single filers and $12,700 for married filers). Eliminates the additional standard deduction and the personal exemption for filers.

Itemized deductions
Calls for the elimination of several itemized deductions, without identifying specific provisions. Calls for preserving the mortgage interest deduction and charitable deduction.

Family tax credits
Replaces the personal exemption for dependents with an expanded nonrefundable portion of the child tax credit (amount not specified) and a new $500 nonrefundable credit for non-child dependents. Increases the phaseout thresholds for the child tax credit.

Other tax credits
Calls for preserving tax credits for work and higher education, which probably refers to the earned income tax credit and the American opportunity tax credit.

Capital gains and dividends
No proposal regarding the tax treatment of capital gains and dividends. Calls for preserving tax benefits for “retirement security,” which probably refers to the current tax treatment of 401(k), IRA, and defined benefit plans.

Alternative minimum tax
Eliminates the alternative minimum tax.

Business Income Taxes
Corporate tax rate
Lowers the corporate income tax rate from 35 percent to 20 percent. Eliminates the corporate alternative minimum tax.

Pass-through tax rate
Creates a new maximum tax rate on pass-through business income, of 25 percent. Calls for, but does not specify, rules for combating abuse of a top tax rate on pass-through business income that is lower than the top tax rate on wage income.

Capital investment
Allows full expensing for capital investment for at least five years.

Tax treatment of interest
Calls for a partial limitation of the interest deduction for C corporations, with no additional details. Provides no details about the treatment of interest paid by pass-through businesses.

Business credits and deductions
Eliminates the section 199 manufacturing deduction. Calls for the elimination of other business credits and deductions, without identifying specific provisions. Calls for preserving the research and development credit and the low-income housing tax credit.

International income
Moves to a territorial tax system, in which foreign-source profits of U.S. companies are not generally subject to U.S. tax upon repatriation. Calls for, but does not specify, a global minimum tax intended to protect the U.S. tax base from cross-border income shifting.

Deemed repatriation
Enacts a one-time tax on previously accumulated foreign-source earnings. Calls for a lower tax rate on liquid foreign assets and a higher tax rate on illiquid foreign assets, but does not specify either rate.

Other Taxes
Estate tax
Eliminates the estate tax and generation-skipping taxes