On Tuesday, February 26, 2014, House Ways and Means Committee chairman Dave Camp released his long-awaited draft legislation on tax reform. The draft is a 979 page report titled “Tax Reform Act of 2014.” If enacted, the draft legislation would usher the single biggest overhaul of the tax code since 1986. The hallmarks of this draft legislation are to reduce the individual and corporate tax rates, reform the international tax rules and at the same time, simplify the overall system. It is very likely that many of the elements of this proposal will become the basis for any future tax reform.
This tax alert highlights the individual, business and international tax changes proposed in the Tax Reform Act of 2014 that you should be aware of.