Preisdent Donald Trump speaks during a meeting in the Cabinet Room of the White House June 12, 2017 in Washington, DC.

Olivier Douliery-Pool | Getty Images

Preisdent Donald Trump speaks during a meeting in the Cabinet Room of the White House June 12, 2017 in Washington, DC.

Addressing the tax regime is most critical, according to the EY chairman.

“Lowering the corporate tax rate, moving to a more competitive international system, having to make it fiscally responsible – that’s where things like the border adjustment tax, getting rid of the interest deduction, getting rid of credits and incentives comes into play,” said Weinberger, noting that the key question is how much change could the business and political communities bear, given that reductions to corporate tax will have to be offset by increases elsewhere as a safeguard against a worsening deficit in future years.

In addition to making U.S. corporate taxes internationally competitive, the government’s other top priority must be to incentivize companies to bring back overseas earnings, says Weinberger.

“They have to find a way to take away that penalty. That is in the heart of what most of what the tax reform plans are looking at.”

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