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.
Currently only in proposed form, it represents the most significant US tax reform since 1986. As proposed, it is effective as drafted in many respects 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.
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‘Tax Reform Bill Delays Estate Tax Repeal, Retains Basis Step-Up,’ Tax Notes – November 3, 2017, Richard Levine
‘Asian investors to benefit most From Trump tax reform,’ South China Morning Post – October 5, 2017, George McCormick
Latest newsView all Firm insight
22 November 2017
Update: Effect of proposed US House and Senate tax bills on family offices and investment vehicles
12 October 2017