On 26 April 2017, U.S. National Economic Director Gary Cohn and Treasury Secretary Steven Mnuchin held a briefing to unveil the principles and priorities of the Trump administration's tax reform plan, which includes overall simplification and lower rates. With regard to business tax reform, main points include:
- Lowering the business tax rate to 15%, including for pass-through companies;
- Changing to a territorial tax system; and
- Providing a one-time tax on profits held overseas (at a yet to b…