That thud you just heard was a 568-page pile of tax policy hitting desks around Washington.
The nonpartisan congressional Joint Committee on Taxation released its summary today of the U.S. tax system (444 pages), various proposals to change it (45 pages) and comments submitted to bipartisan working groups of the House Ways and Means Committee (68 pages).
Lawmakers are planning to use the report as a guide as they try to rewrite the tax code this year and next. In a joint statement, Ways and Means Chairman Dave Camp and top Democrat Sander Levin called the report “an important and comprehensive overview” of the tax system.
“The committee will dig into its details over the coming weeks,” they said.
The report is mostly a compilation of previously released information on our complicated tax system. It’s chock full of minutiae, from the depreciation period for municipal wastewater treatment plants (15 years) to the maximum adoption credit ($12,970).