President Releases Tax Reform Framework

On September 27, 2017, the White House and a group of congressional leaders, commonly referred to as the "Big Six", released a joint framework for proposed tax reform. The framework sets out five goals: middle-class tax relief, simplifying tax returns for most Americans, business tax relief, ending incentives to shift jobs and capital overseas, and broadening the tax base to provide greater fairness. In addition to the specific proposals it sets forth, the framework encourages Congress to consider reforms that "improve the efficiency and effectiveness of tax laws." The key specific proposals of the framework include:

Business Tax Reform

• The maximum corporate tax rate would drop to 20 percent. The current maximum rate is 35 percent.