The latest tax reform proposals outlined last Wednesday by the Trump administration promise to cut corporate taxes from 35% to 15% and double the standard deduction for individuals. They also aim to encourage American corporations to bring back to the U.S. profits they hold in lower-tax foreign jurisdictions and move to a territorial tax regime where such corporations are taxed only on their U.S. revenues and not their global revenues. The hope is those and other such measures would stimulate business expansion and consumer spending, thereby expanding the tax base sufficiently to recoup the revenue loss caused by the tax cuts and incentives. A one-page note on the White House tax plan that Treasury Secretary Steven Mnuchin and director of the National Economic Council Gary Cohn handed out last week is short on details and has no specific proposals for raising revenues elsewhere to finance the tax breaks.…