Trump Tax Reform Proposal

Trump Tax Reform Proposal

April 27, 2017, Covington Alert

On April 26, 2017, U.S. Treasury Secretary Steven Mnuchin and National Economic Council Director Gary Cohn introduced the Trump Administration’s tax reform proposal (the “Trump Proposal”) in a briefing. The proposal appears to borrow heavily from the tax reform plan put out by Mr. Trump during his presidential campaign with the significant exception that this reform proposal advocates adoption of a territorial tax system.

The proposal, set forth in a bulleted one-page document, was notably short on details, and Secretary Mnuchin stated that many details will be finalized in subsequent discussions with Congress. We highlight the major components in the Trump Proposal that we anticipate will be of the greatest interest to our clients.