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Tax Reform on the Horizon
21 November 2016
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For the first time in many years, Republican leaders in Congress believe that enacting major tax reform is possible.
The starting point is likely to be a House policy paper, which contains proposals that would upend key principles that have been part of the tax law for decades.
The policy paper calls for lowering personal and business tax rates, disallowing most interest deductions for businesses, permitting the expensing of business investment and adopting a territorial system of international taxation, under which the United States would exempt most foreign earnings from US tax.
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