Sunday, 13 August 2017

Trump Administration, Republican Congressional leaders release statement on tax reform goals

The Trump Administration and Congressional Republican leaders today released a joint statement outlining key principles and goals for comprehensive tax reform. The brief statement calls for tax reform that makes taxes “simpler, fairer, and lower” for American families, and provides “lower rates for all American businesses.” The statement sets a goal for the House Ways and Means Committee and the Senate Finance Committee to produce tax reform legislation that “reduces rates as much as possible, allows unprecedented capital expensing, places a priority on permanence, and creates a system that encourages American companies to bring back jobs and profits trapped overseas.” The most significant element of today’s joint statement is the announcement that the House Republican Blueprint proposal from June 2016 for a border adjusted tax (“BAT”) has been dropped from further consideration.

Source & more info: PwC