News
Politico | Why Republicans abandoned tax revamp pledge
House Ways and Means Committee Chairman Dave Camp could not make the numbers work. Republicans had vowed for more than three years to slash the top individual income tax rate to 25 percent as part of a Tax Code overhaul.
CNN Money | Obama wants better tax deal for working families
Among those provisions is the preferential tax treatment for carried interest paid to managers of private equity funds, including venture capital. Carried interest represents a share of profits from the fund and is taxed at the capital gains rate of 20%. Obama proposes, as he has many times before, taxing it as ordinary income.
Econ Comments & Analysis
Daily Caller | Dave Camp’s tax reform shows why we should abolish the IRS
As Congressman Dave Camp’s big line goes, the United States’ tax code is ten times the size of the Bible, but with none of the Good News.
Blogs
Market Watch | What tax plans from Barack Obama and Dave Camp have in common
The fiscal 2015 budget unveiled by President Barack Obama on Tuesday has items in common with a plan released last week by House Ways and Means Committee Chairman Dave Camp, a Michigan Republican. The exact details don’t always match, but both proposals would seek to extract more revenue from the wealthy, cut corporate taxes, and treat so-called carried interest as ordinary income.
CATO | Grading the Camp Tax Reform Plan
To make fun of big efforts that produce small results, the Roman poet Horace wrote, “The mountains will be in labor, and a ridiculous mouse will be brought forth.”
