Problem is, few Republican leaders seem interested in pursuing passage of their colleagues' plan.
Often, when a member of House leadership goes public with a plan, it sparks a flurry of prepared statements, urgent emails and talking points from friend and foe alike. But Camp's 979-page discussion draft, spelling out the most massive rewrite to the code since
Camp, a tax-wonk who has risen through the Republican ranks, argued that it's time to start leading some sacred cows -- like the deduction of interest on education loans or the deduction on mortgage interest for homes costing up to
He'd flatten the individual rates, collapsing seven current brackets of up to 39.6% to just two of 10% and 25% for virtually all filers. (There would be an additional 10% charge for individuals making more than
He'd also cut the corporate rate from a top rate of 35% to 25%, provide a larger standard deduction and child tax credit and exempt
For a lot more of Camp's plan, check out the summary at: www.waysandmeans.house.gov
Adopting the plan, said Camp, would create nearly 2 million new private sector jobs, greatly simplify tax season by allowing 95% of filers to get the lowest possible rate by simply claiming the standard deduction instead of itemizing and put about
"We've already lost a decade, and before we lose a generation,
But in order to make those proposals balance out in the government ledger, Camp's plan looks to also rewrite some exemptions and deductions with long histories and powerful backers. For instance, the mortgage interest deduction currently applies up to homes costing
In an election year, it may be too much to attempt: On Tuesday, Senate Minority Leader
Democrats, on the other hand, seemed more quick to at least welcome the effort. U.S. Rep.
For his part, Camp has been working to come up with a tax reform plan for the last three years and did barnstorming tours with his Democratic counterpart in the
Camp said he didn't think this was a debate that could be put off any longer.
"I don't think we can afford to wait," he said. "I'm not going to settle for an economy that grows at 2% (annually) ... I think we need to be the party of growth, of opportunity."
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