The Trump Administration is expected to announce its tax reform plan during a 1:30 PM press conference at the White House today. The Administration is boasting that the tax plan will be “the biggest tax cut and the largest tax reform in the history of our country.” We will be covering the press conference, so stay tuned for our summary and analysis of what is proposed. In the meantime, here are our predictions for what we may see:
- Corporate tax rate reduced to 15%
- Pass-through business income also taxed at 15%
- Repeal the corporate AMT
- Deemed repatriation of accumulated offshore earnings taxed at 10%
- No destination-based cash flow tax
- Shift toward territoriality?