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Agreement in Principle Reached on U.S. Tax Reform

14 December 2017

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Proposed Changes

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United States

House and Senate GOP leaders have reportedly reached agreement in principle on reconciling the respective bills for U.S. tax reform. Some of the main measures reportedly agreed to include: The corporate tax rate would be reduced to 21% from 2018; A 20% deduction would be provided for pass-through entity business income; The corporate alternative minimum tax would be repealed; The top individual income tax rate would be reduced to 37%; The threshold for the individual alternative minimum would be increased to USD 500,000 for single individuals (double for families); The deduction for state and local income taxes and property taxes...