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ARTICLE · 19 MARCH 2014

Camp Proposes To Rewrite Tax Code With 25% Top Corporate Rate

Grant Thornton LLP
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Dave Camp unveiled a complete tax reform bill that would lower the top corporate and individual tax rates to 25%.

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Grant Thornton'S Washington National Tax Office
Grant Thornton'S Washington National Tax Office
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House Ways and Means Committee Chair Dave Camp, R-Mich., unveiled a complete tax reform bill on Feb. 26 that would lower the top corporate and individual tax rates to 25%, with a 10% surtax on a broad category of income exceeding $400,000 for singles and $450,000 for joint filers. The bill, known as the Tax Reform Act of 2014, is still characterized as a discussion draft but includes full legislative language. Camp has not scheduled a markup of the bill, and the prospects for comprehensive reform in the current year remain dim.

For more information, see our Tax Legislative Update or listen to Grant Thornton's archived webcast.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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