On September 27th, the Trump Administration and the House Ways and Means and Senate Finance Committees released a “unified framework” for tax reform. Click here to view the document.
There is currently no legislation drafted. The framework is intended to serve as a template for the above-mentioned tax-writing committees. The committees are being given significant responsibility and latitude in terms of specifics. Kevin Brady, Chairman of Ways and Means, was quoted as saying his plan is to turn the framework into legislation to be passed by the end of 2017.
While the framework leaves many details to be filled in, here are highlights in the document.