Tax advantages for health benefits, retirement contributions, and mortgage interest may come under Congressional scrutiny this year in a tax reform debate.
Limiting or reducing deductions were among the highlights of the most recent tax reform proposal on Capitol Hill, catapulting tax-preference items to the forefront of the debate once again. Although unlikely to proceed as a formal piece of legislation, the Tax Reform Act of 2014 — released last week by House Ways and Means Committee
While the House this week approved a budget plan for FY 2014, the Senate continues to debate a starkly different proposal. As the budget process progresses, neither plan is likely to garner bipartisan approval, but the proposals illustrate the differences between the two political parties. Not surprisingly, long-term deficit reduction is a priority in both
As Congress debates fixes for the budget deficit and reviews options to grow revenues, provisions in the tax code that have benefited investors are under scrutiny. Tax reform proposals, such as the Bowles-Simpson recommendations, call for a significant scaleback in the use of tax preference items, including many itemized deductions. More recently, plans endorsed by