September 27, 2017
The Trump administration's Tax Plan was announced this morning, September 27, 2017. The plan, called the "Unified Framework for Fixing Our Broken Tax Code," amounts to nine pages of policy measures that would
- reduce tax rates,
- limit many deductions,
- move the U.S. to a territorial tax system with a way to repatriate permanently invested earnings free of tax,
- treat business income of pass-through entities at lower corporate rates, and
- eliminate the estate tax.
While no further details are available at this time, we will continue to monitor the plan's progress and will update readers as additional information becomes available.
The current plan should be compared to previous proposals put forth by the Trump campaign and Congress in 2016 and discussed in our article "Trump and the Republican-Led Congress Seek Overhaul of International Tax Rules."