For businesses, the Senate’s tax framework would permanently lower the corporate tax rate to 20%, starting in 2019. Other key points: a “simple and easy-to-administer deduction for pass-through businesses of all sizes” and the full and immediate expensing of new equipment. It also would allow more businesses to use cash-basis accounting, and retain both the research and development credit and the interest deduction for “Main Street employers.” Internationally, the current “worldwide” system of U.S. taxation would be replaced by a territorial system.

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