Republicans say you can file your taxes with a postcard if new bill passes

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House Way and Means Chairman Kevin Brady (R-TX), joined by members of the House Republican leadership, introduce tax reform legislation November 2, 2017 in Washington, DC.

The new plan aims, in part, to lower the corporate tax rate to 20 percent.

The Tax Cuts and Jobs Act — the bill’s official name — would also slash the number of income tax brackets from seven to four: 12 percent, 25 percent, 35 percent and 39.6 percent. Republican leaders have rallied behind the idea of tax reform, as President Donald Trump’s campaign leaned heavily on promising substantive tax change.

“It’s redesigned for simplicity, fairness and benefits,” Brady added. “I predict, under this tax reform plan, America will evolve from 31st in the world among our competitors to the top 3 as the best places on the planet for the best new job, that next new manufacturing plant.”

As both Brady and House Speaker Paul Ryan delivered the news, shares of tax-planning firm H&R Block fell about 2.3 percent Thursday.

Because much of the company’s appeal derives from do-it-yourself tax return assistance, news of a simplified tax code could be seen as a threat. The stock is off more than 24 percent from its 52-week high, with much of that decline coming since the summer as details about the simplified tax plan began to emerge.

Shares of related companies such as ADP and Broadridge, which provide financial business solutions to employers and banks, also fell, down 2 percent and 0.05 percent respectively.