The likelihood of getting a tax reform proposal of such monumental proportions through Congress this year may be low, but that does not diminish the importance of what Camp has done. Now, finally, the conversation has started on reforms to the tax code that Americans need. We now have a framework to think intelligently about building a 21st Century tax system that is designed for and competitive in a global economy. It might be years before this is issue is put to bed, but this is the first major step after decades of political posturing.
As the work begins, ACMA will be involved. Let us know the tax priorities for your business and we will work to make them a reality. Manufacturers in our industry and others need a tax system that promotes innovation and invigorates the entrepreneurial spirit. Let’s put everything on the table and build a sound fiscal future.
For more information including the full text of the legislation, an executive summary and a section by section analysis, visit the House Ways and Means Committee’s tax reform website.