Feb. 25 (Bloomberg) — Republicans have spent the past three years promising to significantly reduce personal and corporate tax rates without increasing the budget deficit. They're about to show how.
Representative Dave Camp, chairman of the House Ways and Means Committee, will release a draft bill this week that's being closely watched by corporate lobbyists and lawmakers. The plan will point up the tradeoffs in reshaping the tax code and altering U.S. tax breaks for retirement, housing, energy, charity, health care, capital gains and finance.
"It gives people a chance to see in stark relief what it takes to get a broader-based, lower-rate code," said Jonathan Traub, a former senior aide to Camp. "It's incredibly difficult. There are few provisions in the code that are sort of broadly agreed by everybody to be loopholes. A rate reduction benefits everybody, but it's very expensive."
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