With the release yesterday by the House Ways and Means Committee of draft statutory text of the Tax Cuts and Jobs Act (“Chairman’s Mark”), and with GOP majorities in both chambers of Congress proceeding under budget reconciliation rules, there is a possibility that Washington will pass before year-end the most comprehensive tax reform since 1986. The president has identified tax reform as a top priority, and many agree that tax reform is a “must do” given the dreadful state of the tax system. While the Republicans’ false starts this year on repealing and replacing the Affordable Care Act illustrate that advancing legislation is challenging and often unpredictable – notwithstanding Republican control – there seems to be growing consensus on the urgency for tax reform, but there are many surprises in the draft legislation and the details are almost certain to give rise to some level of controversy.