Taxes

Correcting Some Misconceptions About the Camp Plan

In the wake of the release of House Ways and Means Committee Chairman Dave Camp's (R-MI) tax reform discussion draft, some misconceptions have been spread about both its potential benefits and drawbacks. In this post, we will look into four of these misconceptions.

Misconception #1: The draft raises corporate taxes by $500 billion to pay for tax cuts for individuals.

How Low Could Debt Go?

We talked last week about several policies making their first appearance in the President's budget. What we didn't mention is that in addition to introducing new policies, the President has dropped a few old ones. Among the policies the President had previously proposed but did not include in this year's budget are:

What's New in the President's Budget?

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.

How Camp's Discussion Draft Would Impact the Economy

Along with its analysis of the conventional revenue impacts (summarized here by CRFB), the Joint Committee on Taxation (JCT) analyzed the potential economic impacts of Chairman Camp's proposal, also known as a macro-dynamic estimate.

Double Counting: The Tax Reform Act and the Highway Trust Fund

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).

Comparison Chart: How Camp's Tax Reform Plan Stacks Up

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?

CRFB's Analysis of the Tax Reform Act

To understand Rep. Dave Camp's (R-MI) tax reform discussion draft, you could read the 194-page section-by-section summary of the bill. Or you could read the 5-page summary that we have just published, detailing the provisions, budgetary impact, and potential economic effects.

Fix the Debt Paper on Camp's Tax Reform Proposal

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.

Camp Proposes Draft to Cut Rates and Trim Deductions

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.

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