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President Trump and congressional Republicans are striving to make significant process on tax reform legislation in the next few weeks and months. The following memo focuses on two issues of potential interest to The Council—(1) the proposal to reduce the tax rate on passthrough income to a top rate of 25 percent and (2) the proposal to provide immediate expensing for “new investment.”

Read the memo produced by our legal team at Steptoe & Johnson. (login required)