The proposal would significantly change US taxation of businesses, setting the stage for legislative negotiations, but omits some key details.

On September 27, a group of Trump Administration and Congressional leaders known as the “Big Six” issued a Unified Framework for Fixing Our Broken Tax Code (the Framework) to serve as a starting point for negotiations leading to tax reform legislation.1 Their objective is to enact the most sweeping reform of the US tax system since 1986. This Client Alert summarizes several key business tax issues the Framework addresses.