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Seven Bps or Just a Blip – Obama Proposes New Fee on Financial Institutions

On Saturday, January 17, 2015, President Obama released a Fact Sheet outlining a new plan to “to simplify our complex tax code for individuals, make it fairer by eliminating some of the biggest loopholes, and use the savings to responsibly pay for the investments we need to help middle class families get ahead and grow the economy.”  The fact sheet is sparse on details but is...

House Passes Bill to Make Bonus Depreciation Permanent

On July 11, 2014, the House of Representatives passed a bill to renew bonus depreciation and to make the provision permanent.  Bonus depreciation is one of several expired provisions that House Ways and Means Committee Chairman Dave Camp (R-Mich.) has made sought to make permanent. Bonus depreciation allows businesses to immediately deduct 50 percent of qualified purchased property and...

The House Ways and Means Committee Approves 6 Permanent Business Tax Extenders

On April 29, 2014, the House Ways and Means Committee approved six bills that would make several expired business tax provisions permanent. Included among the “tax extenders” that would become permanent are a simplified version of the research credit, the subpart F active financing exception, and the controlled foreign corporation look-through rule. Ways and Means Chairman...

Now it’s a Trend: Another Tax-Writer Stepping Down, as Camp set to Retire

House Ways & Means Chairman Dave Camp (R-Mich.) formally announced that he would retire at the end of the current Congress.   Many saw this decision coming, as House Republican conference rules will require Rep. Camp to relinquish his chairmanship of the powerful Ways & Means Committee after this Congress.  As Chairman, Rep. Camp has pushed hard for comprehensive tax reform,...

Camp Reform Bill Sets the Bar for Future Reform Proposals, Say Experts

Conventional wisdom states that Representative Dave Camp’s (R-Mich.) comprehensive tax reform proposal has zero chance of passing in the current Congress.  Nevertheless, experts are praising the Camp proposal for its specificity, transparency, and thoroughness.  In a recent blog post, TaxVox editor and Urban Institute fellow Howard Gleckman and Urban-Brookings Tax Policy Center...

Energy Tax Reform: Current Updates And What It Means For Companies In The Energy Sector

Energy tax reform has been the subject of three recent, and very significant, administrative and legislative proposals: The President’s 2015 budget, released on March 4, 2014; The comprehensive tax reform plan released on February 26, 2014, by Representative Dave Camp (R-Mich.), chairman of the House Ways and Means Committee; and The energy tax discussion draft released on December...

Camp Goes All-In with Comprehensive Tax Plan: Highlights, Tax Reform Status and Impact on Taxpayers

On February 26, Representative Dave Camp (R-Mich.), chairman of the House Ways and Means Committee, released his much-awaited comprehensive tax reform plan (the “Camp Proposal”).  That proposal seeks to cut marginal tax rates on individuals and corporations by dramatically reducing the number of available deductions and credits, and proposes significant other changes to the tax...

Potential Impact of the Tax Reform Act of 2014 on Insurance Companies

On February 26, House Ways and Means Committee Chairman Dave Camp (R-Mich.) released a “Discussion Draft” of the Tax Reform Act of 2014, which sets forth his much-anticipated tax reform proposals.  Of note, the Discussion Draft aims to transition the corporate tax rate to a flat 25% rate beginning in 2019 and to repeal the corporate alternative minimum tax.  However, as part of...

Camp Releases Comprehensive Tax Reform Plan

Representative Dave Camp (R-Mich.) has released a comprehensive tax reform plan.  Links to key materials are included here. The legislative text The section-by-section summary The executive summary The press release The Joint Committee on Taxation...

Damn the Torpedoes — Full Speed Ahead! Camp and President Pushing Tax Changes

Even as the prospects for comprehensive tax reform dim, House Ways and Means Chairman Dave Camp (R-Mich.) and President Obama are pushing forward with proposals to change the tax code. Rep. Camp has said that he is going to release a comprehensive tax reform plan, a move that House GOP leadership has thwarted in the past.  The Chairman’s plan could be released as early as the week of...

Camp’s Team Believes Tax Reform Will Happen in 2014

Optimism is still the name of the game for the staff of Representative Dave Camp (R-Mich.).  Ray Beeman, majority tax counsel of the House Ways and Means Committee, says that reactions to Rep. Camp’s 2011 international tax reform discussion draft provided a clear sense of where the disagreements lie.  When asked, Rep. Camp indicated he felt confident about making progress on reform...

Camp Takes to YouTube to Push Tax Reform

After the tax reform “Road Show” this summer failed to gin up enough momentum for tax reform (see our prior post), Representative Dave Camp (R-Mich.) is taking the case to a new venue – YouTube.  On January 15, the House Ways and Means Committee Chairman released a short “Tax Education Video.”  With rather smooth graphics and high production value (and without any member of...

To Extend or Not to Extend: Hatch Reiterates Need for Individual Scrutiny of Tax Breaks

The end of 2013 saw the expiration of more than 50 temporary tax cuts, including the research and development credit, various renewable energy credits, provisions allowing accelerated depreciation of certain business assets, and certain international tax provisions.  In past years Congress has allowed these provisions to lapse, only to retroactively renew them for limited periods...

Tax Foundation Skeptical About Retroactive Tax Increases in Baucus Discussion Drafts

In a December 9 report, the Tax Foundation analyzed three tax increases contained within Senator Max Baucus’s (D-Mont.) recent tax reform discussion drafts.  Among the revenue-generating measures Sen. Baucus has proposed to help pay for a reduction in the corporate tax rate, the Tax Foundation identified these three as having a retroactive effect: the deemed repatriation of certain...

Moving On Up to the Means Side? Ryan Seeks Ways and Means Chairmanship

In the wake of brokering a bipartisan budget deal with Senator Patty Murry (D-Wash.), Representative Paul Ryan (R-Wis.), current chair of the Budget Committee, already has set his sights on a new position:  Chairman of Ways and Means.  Representative Dave Camp’s (R-Mich.) term as Chairman will expire after 2014 because of House Republicans’ caucus chairman term limits.  When Rep....

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