Feb. 26 (Bloomberg) — The top Republican tax-writer in Congress proposed restructuring the U.S. tax code to eliminate dozens of breaks to pay for reductions in the corporate and individual rates.
The 979-page plan from Representative Dave Camp would mark the most significant changes to the U.S. tax system since 1986, affecting every part of the economy and reflecting politically unpopular tradeoffs that sparked immediate complaints from business groups.
Though it's unlikely to become law this year, Camp's plan is a blueprint that lawmakers may use in the future and its ideas and details will shape U.S. tax policy going forward.
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