On November 2, Republicans in the House of Representatives unveiled the long-anticipated first draft of their tax reform bill. For the most part, the draft bill is consistent with the broad policy goals provided in the framework released by the “Big Six” on September 27, 2017. However, the language released earlier today provides some detail in a few areas that had previously been left open, and diverges from the proposals in the framework in several key respects. Most of the proposed changes would become effective for years after 2017. The attached memorandum lays out some of the important features of the draft bill.