With the release of the FY 2015 President's budget, the Obama Administration has now presented six annual budget plans (and an additional proposal to the Super Committee). As you can imagine, there are a lot of policies in this year's budget that are holdovers from previous ones, but there are also new ones. This blog will highlight major new policies in this year's proposal.
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.
In a widely anticipated move in the tax world, House Ways and Means Chairman Dave Camp (R-MI) has released a comprehensive tax reform discussion draft after both tax-writing committees had released a number of discussion drafts dealing with specific sections of the tax code. There is a lot to analyze in the bill: a quick summary of the bill's major reforms is below, and a more detailed analysis will follow later in 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.