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The Trump Tax Reform Proposals
27 April 2017
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Yesterday, the Trump administration released its long-anticipated proposal for tax reform, setting out general principles for reform in a one-page proposal and leaving many questions unanswered.
The proposal significantly lowers tax rates, reducing the corporate tax rate to 15% from 35% and the top individual tax rate to 35% from 39.6%. Reports also suggest that a 15% tax rate will apply to income from businesses held through pass-through structures.
The proposal does not include the much-discussed border adjustment tax. However, it would replace our current worldwide taxation system with a territorial system that taxes American companies only on income related to the United States, and would impose a one-time tax on existing offshore earnings (at a rate to be determined).
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Gary M. Friedman
Peter A. Furci
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