Trump Administration Unveils Tax Reform Framework

The Trump Administration, the House Committee on Ways and Means, and the Senate Committee on Finance released a unified tax reform framework. The proposed reforms are intended to offer "fiscally responsible tax reform by broadening the tax base, closing loopholes and growing the economy."

The unified framework is expected to serve as a template for tax-writing committees that will develop (i) legislation and (ii) reforms to improve the efficiency and effectiveness of tax laws.

The stated goals of the unified framework are:

• tax relief for middle-income families;
• a simple "postcard" tax filing system for most Americans;
• tax relief for businesses;
• ending incentives to "ship jobs, capital, and tax revenue overseas"; and