The U.S. Department of the Treasury released a report recommending actions to reduce certain tax regulatory burdens. "Pending enactment of tax reform," Treasury recommended retaining core elements of related party debt regulations on tax-free stock distributions.
The Trump Administration, the House Committee on Ways and Means and the Senate Committee on Finance released a unified tax reform framework intended to offer "fiscally responsible tax reform by broadening the tax base, closing loopholes and growing the economy."
President Donald J. Trump signed H.R. 601 to extend the debt ceiling for a period of three months (to end on December 8, 2017). For the first time in history, the total federal debt has exceeded $20 trillion.
President Donald J. Trump vowed to eliminate the "loopholes and complexity that primarily benefit the wealthiest Americans and special interests," and to focus on alleviating the "crushing tax burden on companies and workers."