Surprising effects of tax reform

The election is over, and for the first time in many years one political party will control the executive and legislative branches of government. The time is ripe for tax reform.

President-elect Donald Trump laid out several tax proposals for his first 100 days in office and these proposals, for the most part, dovetail with the “GOP Better Way” tax reform blueprint. Although there are differences, the plans are close enough in several areas to give us a good idea of the direction of the change.
As far as changes to domestic business taxation, both the Trump and GOP plans propose the following:

Reduction of tax rate;
Elimination of alternative minimum tax;
Elimination of certain deductions;
Cap on tax rate for pass-through active business income; and
Expanded expensing of fixed asset investment.