Camp unveils major tax reform plan - .PDF file.
By Evan M Migdail and Bruce Thompson
House Ways and Means committee chairman Dave Camp (R-Michigan) has unveiled his comprehensive tax reform proposal. Released as draft legislation, the Camp proposal calls for the most fundamental reform of the tax code in 27 years.
Upon releasing the plan, Camp said his reforms would make the tax code simpler and fairer for families and job creators, spur economic growth, create jobs and put money back in the pockets of hardworking taxpayers.
The proposal would reduce the top individual tax rate to 25 per cent from 39.6 per cent and the corporate tax rate to 25 per cent from 35 per cent. The seven individual tax brackets would be reduced to two brackets of 10 and 25 per cent, and a 10 per cent surtax would be imposed on certain income above $450,000 (£270,000). Capital gains and dividends would be taxed as ordinary income, with a 40 per cent exclusion…
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