On 27 September 2017, the Trump administration published the U.S. tax reform framework, the Unified Framework for Fixing Our Broken Tax Code. The business-related tax measures are generally as expected and include:
- A reduction in the corporate tax rate to 20%;
- The introduction of a 25% top tax rate for business income of pass-through entities (sole proprietorships, partnerships, and S corporations);
- The immediate expensing of the cost of new investments in depreciable assets other than stru…