On November 2, 2017, Republican members of the U.S. House of Representatives Committee on Ways and Means released a draft bill entitled the Tax Cuts and Jobs Act (the “Act”). If enacted in its current form, the Act would make sweeping changes to U.S. tax rules affecting businesses and individuals. The U.S. Senate Committee on Finance is expected to release a competing tax reform bill sometime next week. Below is a summary of some of the Act's changes that would have the greatest effects on businesses, investment funds, and their owners and investors, as well as compensation arrangements for executives and management. These provisions are subject to change as the House and Senate bills advance through the legislative process.