ARTICLE · 06 OCTOBER 2017

Republican Framework For U.S. Tax Reform Released

Collins Barrow National Incorporated

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On September 27, 2017 the Republican Party released their long anticipated proposal for U.S. tax reform. The key takeaways of the framework have been summarized below.

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On September 27, 2017 the Republican Party released their long anticipated proposal for U.S. tax reform. The key takeaways of the framework have been summarized below. Please contact your local Collins Barrow U.S. tax advisory professional if you have any questions and to find out how these proposals may impact you and your U.S. or cross-border business.

Corporate Taxes

Corporate tax rate lowered to 20%. This represents a drastic cut in the U.S. corporate tax rate from the current rate of 35%. The U.S. would potentially be the low tax jurisdiction between Canada and the U.S., which may affect existing tax structures.

Small businesses maximum tax rate capped at 25%. Sole proprietorships, partnerships, and S corporations would be subject to a maximum tax rate of 25%, down from the current top rate of 39.6%.

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