New Tax Reform Plan From President Trump and Congressional Republicans

The White House joined Congressional Republican leaders in announcing a new framework for tax reform, which they hope to enact before the end of 2017. The framework provides much greater detail than the Trump Administration’s last several statements on possible tax reforms. Most of the changes—including major changes to tax rates and new limitations on deductions—would apparently not take effect until 2018. Many details would need to be worked out in actual legislative language. Nevertheless, the core ideas—and the likely political obstacles to their enactment—are in plain view in a summary of key provisions.