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ARTICLE · 02 MAY 2017

Trump Administration Releases Tax Reform Framework

Ropes & Gray LLP
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Provide a one-time deemed repatriation of existing earnings of foreign subsidiaries, taxable at a reduced rate.

United StatesTax
Lee Allison
Lee Allison
Kat Saunders Gregor
Kat Saunders Gregor
David Saltzman
David Saltzman
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On April 26, 2017, the Trump Administration announced several key tax reform proposals. Broadly resembling the Trump campaign platform, the proposals furnish only a high-level aspirational framework for wide-ranging reforms, the details of which the White House expects to develop through discussions with Congress and taxpayers. Notably, the framework does not include House Republican "Blueprint" proposals to expense capital investment, limit interest deductions, or implement "border adjustments."

For businesses, the Trump Administration proposes to:

  • Lower the maximum corporate tax rate to 15%.
  • Apply the 15% rate to business income of pass-through entities, including S corporations and partnerships.

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