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US Tax Reform

Trump expects new tax law in October with even lower corporate rate

As reported by Reuters, President Trump said he expects a second tax overhaul to be unveiled in October or a bit earlier, and he is considering cutting the corporate tax rate to 20% from 21%.

Previously, House Ways and Means Chairman Kevin Brady (R-TX) had said that a package of two, three, or four tax bills could be voted on in the fall. He added that this second Republican tax bill (or “2.0”) would focus on making permanent or extending the individual tax cuts enacted as part of the Tax Cuts and Jobs Act (TCJA, P.L. 115-97, 12/22/2017) and would tackle retirement and education provisions. It might also include lower individual income tax rates, an expanded child tax credit, and an increased standard deduction.

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