Domestic Taxes

Top GOP tax-writer to testify on reform next week

The latest draft included two potential ways to simplify rules for so-called pass-through entities – businesses that pay taxes through the individual code.

{mosads}One proposal would put into place a single set of rules for S corporations and partnerships, two types of pass-throughs that currently have very different tax rules. The other proposal would give corporations more incentive to become pass-throughs.

The draft also includes a permanent tax break for deducting the cost of equipment, and allows small businesses to use simpler accounting rules.

Small-business groups like the National Federation of Independent Business have so far given high marks to Camp’s draft.


Copyright 2023 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

See all Hill.TV See all Video

Most Popular

Load more


See all Video