Millions of Americans agree that tax reform is necessary. A
new proposal from Republican Rep. Dave Camp provides an
interesting starting point for a debate on U.S. tax reform.
In the following video, Dan Caplinger, The Motley Fool's
director of investment planning, looks at the Camp proposal,
noting that the general idea is to mirror 1986 reforms by
simplifying taxes, lowering rates but eliminating some
deductions. Dan points out that under the proposal, there would
just be three tax brackets, but some popular deductions would be
limited or eliminated, and capital-gains income would be
partially tax-exempt and partially taxable. Most surprisingly,
changes to hedge-fund taxation and a bank tax that could hit
Bank of America
shows that the proposal could gain bipartisan support under the
right circumstances. Dan concludes that it'll be interesting to
see how far Camp's proposal gets in Congress.
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