On April 26, 2017, President Trump unveiled his outline of tax reform for individuals and businesses (one-page Fact Sheet) with the goals of growing the economy, creating millions of jobs, simplifying our burdensome tax code, providing tax relief to American families, especially middle-income families, and lowering the business tax rate from one of the highest in the world to one of the lowest.
The President’s very high-level outline covers many of the items included in the House Blueprint plan, but not everything. What does this mean? The good news is that the President and the House agree on many of the items that need changed. The bad news is that questions remain on the details of how those items should be changed.
We may not know what the exact changes will be, but we know what items are being discussed. Middle-market companies and individuals must monitor the process to be prepared for the impact when legislation is enacted.