Tax reform has been identified by both President Trump and congressional leadership as an important priority.
Under the U.S. Constitution, revenue measures must originate in the House. It seems likely that the House would start the tax reform process by moving a bill that is based on the "blueprint” for tax reform that House Republicans released in June 2016, modified to include additional detail and to incorporate input from the Trump Administration. During the course of the presidential campaign, President Trump modified elements of his tax proposals to correspond more closely with the blueprint, although differences remain, most importantly with respect to the blueprint’s proposed border adjustment. Both President Trump’s plan and the House blueprint include high level proposals, but do not provide detailed tax provisions.
In February 2014, then-House Ways and Means Committee Chairman David Camp (R-MI) released a fully developed proposal for tax reform. The “Camp proposal” contains detailed provisions modifying the taxation of insurance companies. Although there are significant differences between the Camp proposal and the proposals from President Trump and the House Republicans, the Camp proposal includes provisions that could be incorporated into any draft tax reform legislation.
Read a January 2017 report [PDF 1.4 MB] prepared by KPMG LLP and that provides in table format comparisons of tax reform proposals from the Trump campaign proposals, the House Republican blueprint, and the Camp proposal that may affect the insurance sector.
© 2019 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.