Comparison: Camp tax reform bill, Obama Administration FY 2016 budget proposal

Camp tax reform bill, Administration 2016 budget

There is a general perception that Republicans and Democrats are miles apart when it comes to business tax reform. And, yes, there are issues on which key players in the parties differ. However, a close look at the tax reform bill introduced last year by Rep. Camp (R-MI), the former chair of the House Ways and Means Committee, and the Administration's most recent budget proposal reveals similarities on a number of significant business tax issues.

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KPMG LLP has prepared a chart that highlights key commonalities between the two proposals. These commonalities are important to understand for a variety of reasons, including: 

  • They show how members of both parties might be willing to approach difficult issues, such as the taxation of multinational businesses
  • They show what kinds of revenue raisers both parties might be willing to accept — at least in the context of a broad tax reform bill that accomplishes other (favorable) goals
  • They could turn out to be the building blocks for tax reform legislation that actually could become law. 

 

Read KPMG's summary [PDF 684 KB] of common elements of the Camp tax reform bill and the Obama Administration's FY 2016 budget proposal

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