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GOP tax plan creates two brackets, lowers rates and eliminates loopholes


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2544732Washington Examiner:

House Ways and Means Committee Chairman Dave Camp Wednesday unveiled a comprehensive tax reform plan that would lower rates, broaden the spectrum of taxpayers and greatly simplify the tax code system, shrinking it by 25 percent.

 

“This legislation does not reflect ideas solely advanced by Democrats or ideas solely advanced by Republicans, nor is it limited to the halls of Congress,” Camp said in a statement. “Instead, this is a comprehensive plan that reflects input and ideas championed by Congress, the Administration and, most importantly, the American people. In other words, it recognizes that everyone is a part of this effort and can benefit when we have a code that is simpler and fairer.”

 

Camp's plan comes as leaders in both the House and Senate have suggested it will be difficult, if not impossible, to embark on a tax reform debate in 2014, a critical election year when big legislation often gets sidelined.

House Speaker John Boehner, R-Ohio, said prior to the release of the plan that it would “start the conversation,” on tax reform, but he would not commit to a vote on the legislation.Scissors-32x32.png


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