House Ways and Means Committee Chairman Dave Camp (R-MI) is on the verge of releasing a detailed proposal for comprehensive tax reform.
The Camp proposal, which may be released in the form of a discussion draft and not in actual legislative language, may appear as early as next week.
The Camp proposal will call for the most fundamental reform of the US tax code in nearly 30 years.
The US Senate is also working on comprehensive tax reform. In an interview in Bloomberg, the new chairman of the Senate Finance Committee, Ron Wyden (D-OR), affirmed his commitment to tax reform and his belief that the committee can “make a lot of headway” towards reform this year.
We believe that the Camp bill will aim to create a fairer, simpler, flatter tax code for individual and corporate taxpayers. For individuals, the proposal will lower marginal tax rates, broaden the tax base, eliminate special interest loopholes, repeal the Alternative Minimum Tax and maintain the current progressivity of the tax code.
We are standing by to report to you on the proposal on its release in the coming days.