The GOP's tax plan would increase the nation's gross domestic product (GDP) by as much as 5 percent, according to a new report.

The White House issued a report Friday put together by the Council of Economic Advisers (CEA), which boasted about the tax plan's benefits.

"Our findings indicate that the business side of the Unified Framework would increase GDP by between 3 and 5 percent over the baseline long-run projection," the report reads. "The GDP effects we estimate are growth impacts from corporate tax reform alone."

The report states that the GDP benefits stemming from lowering the corporate income tax could start to appear in as little as three years. Other pieces of the tax plan would also help to increase the GDP over time.

The average household income would raise by $4,000, the CEA concluded.

"Additional elements of the Unified Framework, including changes to individual income tax rates, may deliver further increases to household income, combatting a longer-term stagnation," the report reads.

The House and Senate have both passed a budget in the last week. Republicans said that is the first step toward passing tax reform, which they hope to accomplish before the end of the year.

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