The House’s top tax writer rolled out a broad tax reform plan on Wednesday that would pare back tax breaks once thought untouchable and affect practically every part of American life.
The nearly 1,000-page plan unveiled by Ways and Means Chairman Dave Camp (R-Mich.) would pull back on the cherished deduction for home mortgage interest and embraces some ideas touted by Democrats, like scrapping the “carried interest” tax break used by hedge fund managers.
Camp said a discussion on making the tax code fairer and a more positive force for the economy was long overdue in Washington, given that the last successful tax reform effort was in 1986.
But the discussion draft, which included a summary that along ran almost 200 pages, quickly found detractors both on and off Capitol Hill, as trade groups and lobbyists found out who were the losers in the chairman’s outline.
Even before it was released, the top Republicans in both chambers had distanced themselves from the effort, with Speaker John Boehner (R-Ohio) scoffing at the possibility of a vote this year and Senate GOP Leader Mitch McConnell (Ky.) saying it would be better to do tax reform next year.
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