Widely dismissed as DOA when it was introduced, a massive overhaul of the tax code including perks for homeowners proposed by House Ways and Means Committee Chairman Dave Camp contains a seductive formula that will be at the core of a major tax reform push next year: Give corporations the rock-bottom low tax rates they’ve been seeking from Republicans for years. Expand the standard deduction significantly enough to pull in the vast majority of the tax-paying public. When the standard deduction exceeds what most people are getting by itemizing, they’ll happily switch to the easier check-the-box approach. Though the plan has no chance of passage this election year, top Capitol Hill tax policy specialists tell me that real estate professionals who brush off Camp's plan do so at t...
Mar 3, 2014 by Inman
Mar 3, 2014 by Stephen Fishman