Administration and Congressional tax negotiators abandon border adjustment tax, but leave unanswered questions regarding rates, revenues, and taxation of US multinationals.

As Congress heads toward its late summer 2017 recess, the shape of potential tax reform is beginning to come into focus. On July 27, the Trump Administration and Congressional leaders issued a joint statement (the Joint Statement) providing a basic outline of the goals of tax reform. In the wake of the Joint Statement’s release, this Client Alert summarizes several key issues to watch as the business tax reform process moves forward.