Camp tax reform proposal—revisited | KPMG | GLOBAL

Camp tax reform proposal—revisited

Camp tax reform proposal—revisited

Both the U.S. House Republican “blueprint” for tax reform and the Trump Administration’s “core principles” for tax reform propose repealing unspecified “special interest” tax benefits.

1000

Related content

As Congress navigates a path to tax reform, it is likely to consider base-broadening repeal of some tax preferences to offset the cost of reducing rates.

In 2014, the then-chairman of the House Ways and Means Committee, Dave Camp (R-MI), introduced a tax reform proposal that offered many such base-broadening provisions to offset the costs of the proposed rate reduction—the Tax Reform Act of 2014 (the “Camp bill”).  Today’s policymakers can be expected to consider the “base-broadeners” (and other reform proposals) in the Camp bill as they craft the details of tax reform legislation. 

KPMG’s TaxNewsFlash previously provided a number of reports relating to the Camp bill. These reports may be instructive in identifying and assessing some of the base-broadening proposals that current lawmakers may consider. Given the potential relevance to current tax reform discussions, those following the tax reform process may want to review these reports again. Specifically:

  • In 2014, KPMG released a lengthy report on a discussion draft of the Camp bill.  The report includes a summary of the discussion draft’s proposals as well as observations and technical analysis.  Read the KPMG report [PDF 3 MB]
  • In 2015, KPMG released a chart that, in table format, summarizes common elements of the Camp bill and the Obama Administration’s FY 2016 budget proposal. This chart shows how policymakers might be willing to approach difficult issues and what kinds of revenue raisers they might be willing to accept.  Read the KPMG “common elements” chart [PDF 684 KB]
  • Earlier this year, KPMG released a chart that, in table format, compares key aspects of President Trump’s tax reform principles, the House Republican blueprint, and the Camp bill.  The chart also shows how the revenue assumptions underlying the Camp bill, the House bill, and the administration’s reform principles may differ—which may affect the amount of revenue needed to be raised by base-broadening provisions.  Read the recent KPMG comparison chart [PDF 562 KB]

© 2017 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Request for proposal

 

Submit