Congress Receives JCT Report On Tax Reform
08 May 2013
Posted by: Author: Mike Godfrey
Source: Mike Godfrey (Tax-News.com, Washington)
The United States House of Representatives Ways and Means Committee Chairman Dave Camp (R – Michigan) and its Ranking Member Sander Levin (D – Michigan) have promised to examine closely the details included in the Joint Committee on Taxation's (JCT) report on the Committee's Tax Reform Working Groups.
The JCT report includes a summary of present law and the suggestions for reform that had been submitted to the 11 Tax Reform Working Groups, by the expiry date for public comments on April 15, 2013. In addition, at the request of Camp and Levin, it also briefly summarizes a selection of proposals to reform the Federal tax system that members of Congress, commissions and others have presented to policy makers over the past several years.
"Over the past two-plus months the JCT has worked tirelessly alongside Ways and Means Committee Members of the 11 Tax Reform Working Groups," Camp and Levin said in a joint statement. "This document provides an important and comprehensive overview of the tax code, an overview of some of the most commonly referenced previous tax reform proposals and summarizes the views of more than 1,300 submissions offered to the Ways and Means Committee by key stakeholders. The Committee will dig into its details over the coming weeks."
The formation of 11 Tax Reform Working Groups had been announced on February 13, 2013, and each had a mission to review current law in its designated area, research relevant issues, and compile related feedback from stakeholders, academics and think tanks, practitioners, the general public and members of Congress.
The Working Groups cover charitable/exempt organizations; debt, equity and capital; education and family benefits; energy; financial services; income and tax distribution; international; manufacturing; pensions/retirement; real estate; and small business/pass-throughs.