At a glance
The increased potential for comprehensive tax reform in 2017 has put a spotlight on the House Republican Blueprint
The increased potential for comprehensive tax reform in 2017 has put a spotlight on the House Republican Blueprint, released by House Speaker Paul Ryan (R-WI) and Ways and Means Committee Chairman Kevin Brady (R-TX) last June. The Blueprint is the likely starting point for drafting tax reform legislation in the House. The business provisions of the Blueprint would radically transform the existing corporate income tax and individual income tax on pass-through business income into a consumption-based tax by providing for “cash-flow” taxation and border adjustability. This Tax Insight provides more detail on these business provisions and discusses the impact the Blueprint would have on US competitiveness, the potential market impact of border adjustability, and the change it would represent in the taxation of cross-border income.