Tax Reform May Be Farther Off Than You Think

President Trump's "phenomenal" tax reform plan is going to take longer than anticipated. Though the White House continues to insist it will arrive before the end of the year. Trump has discarded his original plan and is devising a new proposal that he hopes Republicans can get behind. Trump campaigned on a pledge to reduce the corporate tax rate to 15% and enact a repatriation holiday allowing companies to bring corporate profits abroad back to America at a 10% rate. Most agree that such a dramatic reduction from the current 35% corporate rate is unlikely. One important question is whether the GOP will seek tax cuts or tax reform? One matter of heated debate is the border adjustment tax. The Trump administration has reportedly swatted down a carbon tax to raise revenues as well. The White House is expected to provide a budget submission to Congress in May and in that provide an outline of what it's seeking in terms of taxes.

This article was written by a staff member of TheStreet.