This Emerging Issues Video is the first in a series about possible changes under the Trump Administration and Congressional Republican leadership. The video includes excerpts of remarks made in March 2017 by Joe Goldman, co-leader of the Firm's Global Tax Practice, regarding how the U.S. economy has evolved from a manufacturing-based economy to an IP-based economy, while the corporate tax rules based on source and residence have failed to keep up. Mr. Goldman discusses President Trump's 2016 campaign proposals for reducing rates, creating business incentives, broadening the tax base, and charging a one-time repatriation tax on foreign earnings. He discusses the cost of these proposals and the revenue and reconciliation bill that will be required. Finally, he compares some of the business tax provisions of the House Blueprint (A Better Way) to President Trump's 2016 campaign proposals.