Tax reform has been a perennial centerpiece of the Republican Party’s agenda, and with the election of Donald Trump and a Republican majority in both houses of Congress, that reform may be more likely than ever. A recent program presented by the New York Hedge Fund Roundtable provided an overview of both the Trump and the House Republican tax proposals as they relate to individual and entity taxes, comparing and contrasting them with each other and the current tax regime and offering key takeaways for fund managers about each proposal. The program was led by Robert E. Akeson, chief operating officer at Mirae Asset Securities, and featured Vadim Blikshteyn, a senior tax manager at Baker Tilly Virchow Krause. This article summarizes the key insights from the program. For more on tax reform, see our two-part series on the global trend toward tax transparency: Part One (Apr. 7, 2016); and Part Two (Apr. 14, 2016); as well as “Tax Proposals and Tax Reforms May Affect Rates and Impose Liabilities on Hedge Fund Managers” (Apr. 16, 2015). For a comprehensive look at hedge fund taxation, see our four-part series: “Allocations of Gains and Losses, Contributions to and Distributions of Property From a Fund, Expense Pass-Throughs and K-1 Preparation” (Jan. 16, 2014); “Provisions Impacting Foreign Investors in Foreign Hedge Funds” (Jan. 23, 2014); “Taxation of Foreign Investments and Distressed Debt Investments” (Jan. 30, 2014); and “Taxation of Swaps, Wash Sales, Constructive Sales, Short Sales and Straddles” (Feb. 6, 2014).