Tax Reform Proposal Not Favorable To S Corporations

Law360, New York (March 18, 2014, 9:50 PM EDT) -- On Feb. 26, 2014, House Ways and Means Chairman Dave Camp, R-Mich., released a 979-page “Tax Reform Act of 2014” discussion draft (Camp proposal). The Camp proposal contains sweeping, sometimes surprising, and controversial changes to both individual and business taxation.

In general, the Camp proposal makes substantial cuts to individual and corporate income tax rates while also eliminating or limiting many individual and business deductions and/or credits. Because of the elimination or limitation of many popular tax deductions, such as the limitation on home mortgage interest...
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