This bill amends the Internal Revenue Code to reduce tax rates and modify policies for individuals and businesses. The bill includes provisions to: reduce the tax rates for individuals; reduce the tax rates for corporations and on other business income; allow increased expensing of the costs of certain business property; repeal the estate tax; modify the taxation of foreign income; specify that a change in the organizational structure of a corporation is not a taxable event if there is no change among the owners, their ownership interests, or the assets of the organization; and repeal the tax on net investment income.