After several years of hearings and forums intended to develop broad-based support for comprehensive tax reform, on February 26, 2014, House Ways and Means Committee Chairman David Camp (R-Mich.) released a draft tax reform plan (the Discussion Draft) that would significantly alter the Internal Revenue Code. While few observers expect the Discussion Draft to move forward this year, Chairman Camp’s proposals should be taken seriously, particularly those that would raise revenue.

It has been nearly 30 years since Congress last enacted tax reform legislation, and over the last three decades tax rates have increased and the Code has become more complex through the enactment of myriad credits, deductions and other provisions. Chairman Camp should be commended for taking a leadership role in moving tax reform back into the public debate and releasing a draft for public consideration and comment. His detailed proposals provide a useful starting point for a revived discussion on tax reform.

Please see full memorandum below for more information.

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Topics:  Accounting, Alternative Minimum Tax, Corporate Taxes, Debt Restructuring, Derivatives, Financial Products, Foreign Tax, Internal Revenue Code, Partnerships, Subpart F, Tax Credits, Tax Reform, Ways and Means Committee

Published In: Business Organization Updates, General Business Updates, Finance & Banking Updates, International Trade Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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