Corporations would see their top tax rate reduced to 25 percent from 35 percent under a tax-code overhaul by the top Republican tax-writer.
“The 979-page plan from Representative Dave Camp would mark the most significant changes to the U.S. tax system since 1986, affecting every part of the economy and reflecting politically unpopular tradeoffs that sparked immediate complaints from business group,” Richard Rubin reported for Bloomberg News.
“Though it’s unlikely to become law this year, Camp’s plan is a blueprint that lawmakers may use in the future and its ideas and details will shape U.S. tax policy going forward,” Rubin wrote about the plan by Camp, a Michigan Republican who leads the influential Ways and Means Committee.
Camp wants to revamp and simplify the tax code to lower rates and broaden the base while curbing dozens of breaks. He would reduce to $500,000 from $1 million the size of a mortgage eligible for the mortgage interest deduction.
Feeling ambitious? Here’s Camp’s 979-page draft.