Michigan Rep. Dave Camp, the Republican chair of the House Ways and Means Committee, introduced on Wednesday the draft discussion of a plan to overhaul the nation’s tax code.
The proposal, though long-awaited, has virtually no chance of becoming law this year. Some of its provisions have Republicans, in particular, scurrying from the plan. Still, House Speaker John Boehner said that it was important to start the discussion.
In a statement, Michigan Rep. Sander Levin, the ranking Democratic member on the Ways and Means Committee, said Camp’s proposal “opens up a discussion that Democrats have wanted to engage in on a bipartisan basis.”
“As Democrats, we believe it is vital that tax reform encourage economic growth, support working families, broaden the middle class, and address income inequality,” Levin said.
“It must produce a fairer and more adequate tax code for all Americans, ensuring that wealthy individuals and corporations pay their fair share while preserving our long-term economic security in a fiscally responsible way that promotes jobs in the United States. It is through the lens of those priorities that we will review Chairman Camp’s proposal in detail as the Committee undertakes a thorough examination of his proposal.”
Here are some highlights of the plan:
- It proposes three tax brackets, down from the current seven — 10%, 25%, and 35%. The 35% level would start at incomes above $US400,000 for individual filers and at $US450,000 for joint filers.
Here’s the plan, in full (all 979 pages of it), which we’ll be combing through:
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