The Camp US tax reform proposal: what’s inside?
By Evan Migdail, Linda Pfatteicher and Bruce Thompson
House Ways and Means Committee chairman Dave Camp (representing Michigan) this week introduced a draft of the most comprehensive reform of the Internal Revenue Code in decades.
The key principles in the draft are: (1) a deep reduction in individual and corporate tax rates; (2) elimination of numerous tax expenditures in exchange for the lower rates (the draft, for example, would eliminate all of the business credits that expired at the end of 2013 except for the credit for research, which would become permanent as described below); (3) establishment of a new competitive international tax system based on a dividend-exemption system and the expansion of subpart F for certain foreign income; and (4) simplification reforms both in the substantive tax area and in tax administration…
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