The Trump administration and congressional GOP leadership have unveiled a tax reform outline, the “Unified Framework for Fixing Our Broken Tax Code.” Wolters Kluwer’s latest Tax Briefing “GOP’s 2017 Tax Reform Framework,” presents a high-level overview of the framework and some initial perspective on its projected impact.
The framework calls for dramatic tax cuts and simplification, including:
(1) lower individual tax rates under a three-bracket structure;
(2) nearly doubling the standard deduction;
(3) a significant reduction in corporate tax rate;
(4) changing the tax treatment of passthrough entities;
(5) expanding child and dependent incentives and more.
In addition, both the alternative minimum tax and the federal estate tax would be eliminated. According to the proposal, the framework is designed to serve as a template for Congress to develop legislation through the committee process
Special Tax Briefing
Wolters Kluwer’s latest Tax Briefing “GOP’s 2017 Tax Reform Framework,” discusses the framework and its projected impact on individual and business taxes. To access the Briefing, please click on the following link: GOP’s 2017 Tax Reform Framework.