Trump GOP: US tax reform
Welcome to our US tax reform page. This page is a resource for the progression of the US GOP tax reform introduced in 2017, and provides updates, a timeline of key developments, and various analyses on the implications and opportunities.
Signed into law on December 22, 2017, it represents the most significant US tax reform since 1986. Many of the provisions are slated to become effective on January 1, 2018. With implications for business entities, charities and individuals within and outside of the United States it gives rise to the following question – “How does this impact me, my affairs and businesses?”
The impacts are far reaching as individuals may need to re-evaluate their decisions to move or buy or sell a home, businesses will need to evaluate proposed budgets and projects and review their lending practices and charities will need to review funding and operational practices. Long standing choice of entity decisions will need to be reconsidered.
Unfortunately, and consistent with much of US politics in the last year, little time is scheduled or tabled for comments and discussion. This leads to the more important question – “What should I do now?“ As in immediately, due to the fact that certain rules may change in profound ways in less than 10 weeks.
As attorneys and advisors, it is important that our clients understand the implications for them as well as options available to them. The impacts will affect real life spending decisions both in the near term (before 2018) and going forward and we look forward to providing our clients with timely and sophisticated guidance to help them navigate this quickly evolving landscape.
For further help or information
Get in touchKey developments by date
September 2018
- The draft form provides some insight into the calculation and data required to meet the reporting requirements for the Base Erosion and Anti-Abuse Tax (BEAT) under new Section 59A.
Protecting Family and Small Business Tax Cuts Act of 2018 – September 10, 2018 (H.R. 6760)
Family Savings Act of 2018 – September 10, 2018 (H.R. 6757)
American Innovation Act of 2018 – September 10, 2018 (H.R. 6756)
July 2018
June 2018
March 2018
OUR COMMENTARY
Tax Cuts and Jobs Act: Impact on Chinese clients' wealth and business interest planning
March 29, 2018
READ MOREForeign grantor trusts, US situs assets and 'check the box' planning under the US Tax Reform Act
March 19, 2018
READ MOREFebruary 2018
January 2018
GOVERNMENT PRONOUNCEMENTS
OUR COMMENTARY
December 2017
GOVERNMENT PRONOUNCEMENTS
H.R. 1 – Tax Bill as signed into law by the President – December 22, 2017
House and Senate Conference report (revised bill) – December 15, 2017
Joint explanatory statement of the Committee of Conference – December 15, 2017
House and Senate tax bill conferees policy highlights of final legislation – December 15, 2017
Treasury Secretary Mnuchin analysis of Senate GOP tax plan – December 11, 2017
OUR COMMENTARY
November 2017
GOVERNMENT PRONOUNCEMENTS
Senate Finance Committee legislative text in advance of floor action – November 21, 2017
House bill H.R. 1 – as passed by the House – November 16, 2017
Senate Finance Committee Chairman’s managers amendment to Senate tax plan – November 16, 2017
Senate Finance Committee Chairman’s mark (modified tax plan) – November 14, 2017
Amendments list as of November 13 – November 13, 2017
Senate Finance Committee Chairman Hatch amendments filed – November 13, 2017
House Rules Committee updated text of H.R. 1 – November 10, 2017
Joint Committee on Taxation estimated revenue effects of Chairman’s mark – November 9, 2017
Joint Committee on Taxation description of Senate Finance Committee proposal – November 9, 2017
Senate Finance Committee tax reform policy highlights – November 9, 2017
House Committee on ways and means – H.R.1 amendment #2 Section by section summary – November 9, 2017
House Committee on ways and means Chairman’s mark – H.R. amendment #1 – November 6, 2017
Joint Committee on taxation description of H.R. 1 substitute amendment – November 3, 2017
House Committee Chairman Brady amendment in nature of substitute to H.R. 1 – November 3, 2017 Committee Chairman Brady amendment in nature of substitute to H.R. 1 – November 3, 2017
House Committee on ways and means – H.R.1 section by section summary – November 2, 2017
OUR COMMENTARY
September 2017
GOVERNMENT PRONOUNCEMENTS
July 2017
GOVERNMENT PRONOUNCEMENTS
June 2017
GOVERNMENT PRONOUNCEMENTS
April 2017
GOVERNMENT PRONOUNCEMENTS
OUR COMMENTARY
Trump tax plan released in summary form and provides for 15% business tax rate
April 28, 2017
READ MORENovember 2016
OUR COMMENTARY
Trump administration and a Republican controlled Congress - Possible tax changes on the horizon
November 11, 2016
READ MORESeptember 2016
GOVERNMENT PRONOUNCEMENTS
June 2016
GOVERNMENT PRONOUNCEMENTS
2014
GOVERNMENT PRONOUNCEMENTS
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Media comments
‘Art Is Seen as a Glittering Investment. Will New Taxes Take Off the Shine?,’ New York Times – September 14, 2018, Diana Wierbicki
‘Bring it Home,’ Los Angeles Lawyer – September 2018, Paul Sczudlo
’4 Tips For Estates To Cope Without Miscellaneous Deductions,’ Law360 – August 2, 2018, Jim Brockway
‘IRS to issue carried interest regs under new tax law,’ Think Advisor – March 5, 2018, Elliot Galler
‘Axing deadwood tax regs of little use to businesses,’ Law360 – February 15, 2018, Jim Brockway
‘Regulatory outlook after Trump’s tax reform,’ Wealthmanagement.com – February 14, 2018, Jim Dougherty, Sandra Fung
‘Withers: What the US tax reforms will mean for US expats,’ International Investment – January 22, 2018, Richard Cassell, Jaime McLemore
‘How the tax code rewrite favors real estate over art,’ The New York Times – January 12, 2018, Bill Kambas
’4 ways tax reform may affect the sports world,’ Law360 – January 2, 2018, Michael Rueda, David Lehn
‘Got IP? Get out. For investors thinking of selling, acting in the next few days is critical,’ IPWatchdog – December 22, 2017, Steven Moore, Aaron Schumacher, Shannon Smith-Retzke, Wonchi Ju, Ashley Slisz
’5 things To do before Jan. 1 to lower your tax bill’, The Washington Post – December 22, 2017, Jim Brockway
‘Top Federal Tax Regulations Of 2017: Year-In-Review’, Law360 – December 18, 2017, Bill Kambas
‘Want an Alternative to Donating Art? Open Your Own Museum,’ The Wall Street Journal – December 10, 2017, Diana Wierbicki
‘House Tax Bill is Littered with Loopholes for Wall Street’s Wealthiest,’ Bloomberg News – November 21, 2017, Richard Levine
‘The House Tax Plan is Conveniently Full of “Drafting Glitches” that Benefit the Rich,’ Vanity Fair – November 21, 2017, Richard Levine
‘Tax cuts for Small-Business Owners? It’s Complicated,’ The New York Times – November 17, 2017, Ivan Sacks
‘The House tax proposal: Some key implications for family office’ Forbes – November 13, 2017, Edward Renn
‘Will the US tax proposal sell out art buyers?’ The Art Newspaper – November 7, 2017, Diana Wierbicki, Amanda Rottermund
‘Tax Plan Comes With a Few Surprises for Charities and Donors,’ Trusts & Estates – November 6, 2017, Paul Roy, Eric Fischer
‘What Investors Need to Know About the Tax Bill,’ Barron’s – November 4, 2017, Ridge Barker
‘Wealthy Benefit From Estate Tax Changes, AMT Repeal in House Bill,’ Bloomberg BNA – November 3, 2017, David Lehn
‘Art Market May Lose ‘Driving Force’ as Tax Plan Targets Loophole,’ Bloomberg Quint – November 3, 2017, Bill Kambas, Diana Wierbicki
‘GOP Aims to Kill the Estate Tax: What it Means for You,’ Fox Business – November 3, 2017, Bill Kambas
‘Tax Reform Bill Delays Estate Tax Repeal, Retains Basis Step-Up,’ Tax Notes – November 3, 2017, Richard Levine
‘House and Senate Budget Measures Advance Tax Reform,’ Accounting Today – October 6, 2017, Richard Levine
‘Asian investors to benefit most From Trump tax reform,’ South China Morning Post – October 5, 2017, George McCormick
‘Gaps in Trump-GOP Tax Plan Hint at Loss of Current Benefits,’ Law360 – October 4, 2017, Jim Brockway
‘Asian investors to potentially gain from US tax proposals,’ Hubbis – October 4, 2017, George McCormick
‘Asian investors set to benefit from Trump’s tax plan, say experts,’ South China Morning Post – October 4, 2017, George McCormick
‘Regulatory Crackdown May Open Up Tax Loopholes,’ Law360 – October 3, 2017, Jim Brockway
‘Would Donald Trump’s Tax Plan Be a Bonanza for the Art World? A Skeptical Analysis,’ Artnet News – October 2, 2017, Diana Wierbicki
