In late February, Congressman Camp, chair of the House Ways and Means Committee, released his discussion draft of the Tax Reform Act of 2014. It has at least 400 provisions in it and most notably, lowers the individual rates to 10% and 25% (with a 10% surtax for high income individuals) and a flat 25% for corporations.
The discussion draft has a lot of changes. Most of these changes would make the federal income tax simpler and in some places, more fair. I think more can be done. I've got a short article in the AICPA Tax Insider today with some suggestions for what is missing from the draft. It's not intended as a complete list, but more as a reminder that while his bill is quite lengthy, there is still more needed to yield a simpler and more equitable tax system.
I hope you'll take a look at my list. What do you think? What might you add (or remove) and why?
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