The latest tax reform plan appeared last week on Capitol Hill, and it retains a provision that could cause financial hardship for law firms and hit partners with years of outsized tax bills.
Rep. Dave Camp (R-Mich.), chairman of the House Ways and Means Committee, introduced a new draft of the Tax Reform Act of 2014 on Feb. 26. He said he aimed to simplify the tax code for families and lower tax rates for corporations. “The debate about needing to do tax reform is over,” he said. “We’ve already lost a decade, and before we lose a generation we must enact real, meaningful tax reform to get this economy back on track.”
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