The Tax Reform Act of 2014, House Ways and Means Chairman Dave Camp's (R-MI) discussion draft, is a sizeable document touching almost all parts of the tax code. However, one fiscally concerning piece of the legislation that we brought up in our analysis of the draft has to do with transportation spending: the transfer of general revenue to the Highway Trust Fund (HTF).
On Wednesday, House Ways & Means Chairman Dave Camp released a detailed tax reform discussion draft, which we summarize and analyze here. On its own, the draft is an impressive piece of legislation: it is nearly 1000 pages of legislative text and addresses tax rates and preferences in both the individual and corporate tax code. But how does it stand up to other major tax reform proposals?
Yesterday, House Ways & Means Chairman Dave Camp released a tax reform discussion draft, and we commended him for the level of detail and consideration provided. We'll continue to cover the interesting aspects of the draft throughout the week.
Tomorrow, House Ways and Means Chairman Dave Camp (R-MI) is expected to release his comprehensive tax reform proposal after a series of discussion drafts. The tax code is in significant need of an overhaul, and reform can to improve fairness and simplicity, make U.S. businesses more competitive, and reduce the deficit. Over the years, CRFB has produced extensive analysis of previous proposals and the need for tax reform.
Next week, House Ways & Means Chairman Dave Camp is set to release a draft of a bill to revamp the U.S. tax code, according to press reports. It was unclear whether Camp would release a tax reform draft at all, as House Republican leadership remains skeptical of tax reform, and Camp's Senate taxwriting counterpart Max Baucus was recently confirmed as Ambassador to China.
While the President's 2014 State of the Union address largely eschewed talking about fiscal policy directly, it did touch on a number of proposals that would impact the federal budget. In this blog, we will talk about the potential costs or savings of various policies he mentioned.
Business Tax Reform
We couldn't have said it better ourselves! A Washington Post editorial today called on Congress to break with the trend of recent Congresses and actually pay for any extensions for expired and expiring tax provisions.
Today, the House Ways and Means Committee launched a new website on tax reform, compiling all of the Committee's useful resources on the subject. We've talked about the great benefits of reforming the tax code by eliminating the many of the complicated, inefficient, and regressive tax expenditures that will cost the federal government over $1.2 trillion in forgone revenues in 2014.