On April 27, 2017, Gary Cohn, Director of the National Economic Council, and Steven Mnuchin, Secretary of the Treasury, unveiled a high-level overview of President Trump’s tax plan. The plan was described as a “once in a generation opportunity to do something really big.” President Trump’s tax plan does have many attributes of the “Republican Blueprint” as outlined in a prior newsletter, The Tax Outlook Under Trump.
Although the tax plan at this time is sparse with details, it was made clear that President Trump’s focus is on job creation, economic growth, helping lower-to-middle income families and tax simplification. It was described as the “biggest tax cut” in U.S. history — but it left unanswered questions about whether the plan would be paid for, or how. At this juncture, the plan will move to Congress where the House and Senate will meet, discuss and debate specifics over the next several months.