Camp Plan Deemed Conversation Starter as Colleagues React

For over 50 years, Bloomberg Tax’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...

House Ways and Means Committee Chairman Dave Camp (R-Mich.), despite lacking a clear legislative path forward, has at least sparked a wide range of congressional conversations on his broad plan to remake the U.S. tax code.
While reaction was mixed on Feb. 27, not all of the positive and negative feedback fell along party lines, considering Camp included some provisions generally favorable to Democrats and others not especially embraced by his fellow Republicans. The 35 percent tax bracket for high-end earners, those currently in the top 39.6 percent bracket, has fallen in the latter category.
“We need to fully vet this,” said Rep. Charles Boustany (R-La.), a senior Ways and Means member who told reporters he is not a fan of Camp's proposed top rate. “It's a work in progress.”

Request Daily Tax Report