Insights

President Trump Proposal on Tax Reform

President Trump’s proposed tax plan is largely similar to the plan outlined by the White House in July – large cut in corporate tax rate, reduction in individual tax rates with consolidation of tax brackets, elimination of most deductions and increase in the standard deduction.

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The White House issued President Trump’s proposal on tax reform entitled “Unified Framework for Fixing Our Broken Tax Code.” The tax proposal provides slightly more details than the one issued in July, but remains a work in progress. The President…

President Trump Unveils Proposed Tax Plan

President Trump’s proposed tax plan is largely similar to the plan he proposed during the presidential campaign—large cut in corporate tax rate, reduction in individual tax rates with consolidation of tax brackets, elimination of most deductions and increase in the standard deduction.

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The proposed tax plan represents a broad-brush proposal rather than a detailed tax plan. Significant work lies ahead for the Trump administration to iron out the key points of the tax proposal so that it will be acceptable to the…