The Future of the U.S. Tax Code


President Donald Trump and House Republicans have promised to make revamping the tax code a top priority, which could result in the first major overhaul of the U.S. tax system since 1986. Our editors, reporters, and network of leading practitioners are tracking, reporting, and providing insights and analysis on developments as they unfold.

For reform updates relating to specific areas of tax, select one of the topics on the left.

To catch up on the major events that have happened so far, check out the Tax Reform Tracker, below.

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Border Tax Showdown Comes Amid Lobbying Frenzy

Supporters and opponents of the House GOP border tax proposal have spent months lobbying and hundreds of thousands of dollars on television ads on the issue, according to a Bloomberg BNA analysis.

Mnuchin Warns Some Partnerships and LLCs Won't Get Tax Break (Bloomberg News)

Treasury Secretary Steven Mnuchin cautioned that not all businesses currently classified as pass-through entities would see their rates slashed to 15 percent under the White House’s tax plan -- an indication that hedge funds and other high-earning partnerships and limited liability companies might not get major breaks.

Big Companies’ Share of Federal Taxes May Be Less, Post-Reform

The share of federal tax revenues provided by major U.S. businesses—already slated to be in the single digits as a percentage of overall government revenues in coming years—would fall even further under a 15 percent tax rate, according to analysts.

Value-Added Taxes and the Tax Reform Debate: A Primer

President Donald Trump likes the concept of a value-added tax. “I like it, I like it a lot, in a lot of ways,” he said in a recent interview with The Economist magazine.

Koch Study Takes Aim at Full Expensing in House GOP Tax Plan

Koch Industries Inc., in its attempt to stop the House GOP tax plan, has moved on from criticizing the border tax. Full expensing is the new target, according to a study from the company.

25 Million Americans Could Find Mortgage Tax Break Useless Under Trump’s Plan (Bloomberg News)

U.S. Treasury Secretary Steven Mnuchin has taken pains to stress that the Trump administration isn’t out to kill Americans’ beloved mortgage-interest tax deduction -- but a side effect of the plan could turn it into a perk for only the wealthy.


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Tax Reform Lessons: A Look at How It Worked in 1986, And What's Different Now

Take a look at a comparison of the current law and proposed changes as of April 28, 2017.



Senate Takes Reins on GOP Health Bill

With the House in recess, the Senate has taken up the American Health Care Act, which some say will be completely rewritten before it goes to a vote.

What Does Health Care Bill Passage Mean for Tax Reform?

The House passed the American Health Care Act on May 4 by a vote of 217-213 using a filibuster-proof reconciliation structure and with no support from Democrats.

Pres. Trump's Tax Plan Comes to Head With GOP's Tax Blueprint

Congress is back in session, and the GOP has a new task at hand: reconciling their tax reform blueprint against the President's recently released plan.

Protesters Demand President Trump Release His Returns

President Donald Trump's tax returns are going to be front and center to the tax reform debate, Sen. Ron Wyden (D-Ore.), ranking member of the Finance Committee, told Bloomberg BNA. Lawmakers and the American people need to know if Trump's tax proposals are motivated by self-interest, and his returns would make that clear, the senator said after a speech to thousands gathered outside the U.S. Capitol for the Tax March.


Laura Davison on Trump Tax Reform with Bloomberg Radio

Congressional Tax Reporter Laura Davison appeared on Bloomberg Markets to discuss the timeframe for the rollout of the detailed tax reform plan from the Trump administration and some of its major underpinnings.

Laura Davison on NPR’s 1A on Trump’s Tax Blueprint

Capitol Hill Tax Reporter Laura Davison appeared as a guest on NPR’s 1A to discuss President Trump’s new blueprint for big tax cuts and how it will impact workers and business owners.

Colleen Murphy on Trump Tax Cuts with Bloomberg Radio

Tax Reporter Colleen Murphy appeared on Bloomberg Markets to discuss the release of what the White House calls the ‘biggest tax cut’ in U.S. history.

Stu Basu on Bloomberg Radio to Discuss President Trump's Tax Plan

Tax Reporter Stu Basu was a guest on Politics, Policy and Power where he discussed President Trump’s proposed 15% corporate tax rate and its impact on businesses.

Laura Davison Tax Plan with Bloomberg Radio

Capitol Hill Tax Reporter Laura Davison appeared on Bloomberg Surveillance to discuss President Trump’s tax overhaul plan and how it differs from the House GOP plan.

Laura Davison Trump Tax Plan with Bloomberg Radio

Capitol Hill Tax Reporter Laura Davison appeared on Bloomberg Markets to discuss President Donald Trump’s plan to slash the corporate tax rate to 15 percent.