Feb. 26 (Bloomberg) — The tax plan by House Ways and Means Committee Chairman Dave Camp would further limit the mortgage-interest break and end the deduction for state and local taxes, according to a nonpartisan congressional summary.
Camp's plan to be unveiled today, the most comprehensive reconstruction of the tax code since 1986, would reduce individual and corporate tax rates. The corporate rate cut to 25 percent from 35 percent would be phased in over five years.
The summary by the Joint Committee on Taxation is dated Feb. 21. Camp, a Michigan Republican, is scheduled to release the full plan at 1:30 p.m. today in Washington.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
