- Damn the Torpedoes — Full Speed Ahead! Camp and President Pushing Tax Changes
- March 4, 2014
- Law Firm: Sutherland Asbill Brennan LLP - Washington Office
Even as the prospects for comprehensive tax reform dim, House Ways and Means Chairman Dave Camp (R-Mich.) and President Obama are pushing forward with proposals to change the tax code.
Rep. Camp has said that he is going to release a comprehensive tax reform plan, a move that House GOP leadership has thwarted in the past. The Chairman’s plan could be released as early as the week of February 24th. While his past discussion drafts give some idea of what will be in Rep. Camp’s plan, he has not yet provided any details.
President Obama is also reportedly targeting the offshore profits of U.S. corporations in his 2015 budget, due to be released March 4th. The budget plans would focus on the taxation of hybrid securities and the transfer of certain intangibles. The President has made proposals in the past aimed at taxing offshore profits; whether and how the 2015 budget proposals will differ from the past proposals remains to be seen.