While both the President and Congress agree action is needed on corporate tax reform, the two seem far apart on how to bring changes about. The sides seem closer to an agreement to change business taxation rules, but it hard to do that without addressing individual taxation, or disadvantaging sole proprietorships, and pass through entities like LLCs, S-corporations and partnerships. One plan would create a special tax rate for business income of individuals similar to how there are separate rates for dividends and capital gains. The goal is to equalize the top rate for business income earned by individuals with the lower maximum tax rate on corporations that results from tax reform.
We will be monitoring this closely as it unfolds, but there are still many factors that have to be worked out before this could happen.