As the LSCU first reported, tax reform legislation sponsored by Rep. Devin Nunes (R-CA) was introduced on Wednesday. The legislation does not touch the credit union tax exemption which is good news. H.R. 4377 is the American Business Competitiveness Act. It is a plan that Rep. Nunes has been working on since 2012, and he calls it his ABC tax plan.

The plan would lower the tax rate on business income to 25 percent, a 10 percent cut in the corporate tax rate or a 14.6 percent cut in the 39.6 percent top rate on business income reported on individual tax returns. Rep. Nunes’ plan also allows businesses to write off their capital investments immediately and repeal all business tax credits and the deduction for business borrowing costs.

“What people are realizing is that tinkering with the tax code won’t necessarily grow the economy,” he said in an interview with the Wall Street Journal. “By not touching the personal side of the code, you make the politics of this a lot easier.”

Read more analysis in theWall Street Journal.