After campaigning hard for the importance of tax reform, President Trump and his advisors released an early stage tax code change framework on Wednesday, September 27. From his podium in Indianapolis, IN, Trump explained that his framework would cut taxes for businesses and individuals and potentially deliver a “middle class miracle.”[1]
As he put it, “…we will cut taxes for the everyday, hardworking Americans…”[2]
While the House and Senate will still have significant work to do to in order to finalize the tax plan and craft new legislation, the initial review of Trump’s framework has some substantial changes to the current tax law, which could represent the largest tax reform change passed in 30 years.[3]
Key highlights of the changes outlined in the Republican framework include:
The full 40-minute video of President Trump’s announcement can be accessed via CNN Politics here and via Fox News here.
Business Insider has created a roundup of Wall Street commentary on the tax plan here.
The information presented by WrapManager, Inc. is general information only and does not represent tax or legal advice, either expressed or implied. You are encouraged to seek professional tax advice for income tax questions and assistance. WrapManager, Inc. does not advise on any income tax requirements or issues.