Thursday, March 6, 2014
As I have previously discussed, Dave Camp, Republican Representative and chairman of the House Ways and Means Committee has been working on a tax reform plan for years. Camp’s plan has been released, but is not expected to pass. However, Camp’s proposed tax reform may be helpful in advising and fostering debate for tax reform.
Concerns over Camp’s plan include criticism over its complexity and that it includes gimmicks, such as hidden tax rates. Camp proposes ending state and local tax deductions, and Head of Household filing. Camp also proposes no longer allowing contributions to be added to traditional and non-deductible IRAs. Camp would however expand Roth IRA contributions to everyone.
See Howard Gleckman, Dave Camp's Tax Plan: A Brave Start But Lots of Gimmicks, Forbes, Feb. 26, 2014.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.