The House’s top tax writer on Wednesday challenged his colleagues to embrace a broad and radical tax reform plan that would pare back breaks once thought untouchable to achieve a monumental overhaul of the IRS code.
The release of the nearly 1,000-page plan culminated years of work by Ways and Means Committee Chairman Dave Camp (R-Mich.), who released the framework despite the reluctance of party leaders to tackle the topic in an election year.
“We have an obligation to debate the big issues of the day,” said Camp, who is likely in his final year with the Ways and Means gavel. “I put out this detailed discussion draft so we can engage the American people in this.”
The draft from Camp slays sacred cows, pulling back on the cherished deduction for home mortgage interest and embracing some ideas touted by Democrats, including the elimination of the carried-interest tax break used by hedge fund managers.
Source: The Hill