On April 26, 2017, the President’s long-awaited proposed changes to the Internal Revenue Service Tax Code appeared to be delivered in an anti-climactic manner, and appeared to be more of a policy statement than a detailed tax plan, when a one-page outline entitled “2017 Tax Reform for Economic Growth and American Jobs” was revealed to the press and to the American people. (See http://cnn.it/2u3QbZ9).
More particularly, the outline was announced and discussed in a press briefing led by the Secretary of the Treasury, Steve Mnuchin, and the Director of the National Economic Council, Gary Cohn. And, while it seems to lack specificity, if a particular provision therein contained nonetheless comes to pass after the text of a proposed bill goes through congressional scrutiny, it could mean significant tax savings for small businesses such as real estate brokerages and agents, as more particularly discussed below.
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