Republican Tax Reform Plan Fulfills a Lot of Promises

Everything about Dave Camps tax reform

Kevin Glass

Rep. Dave Camp (R-Mich.), chairman of the House Ways and Means Committee, is out today with a comprehensive tax reform plan. It's a 979-page plan that, among other things, lowers marginal income tax rates, lowers the corporate tax rate, increases the standard deduction for individual and married couples, phases out certain tax breaks, consolidates other tax breaks, and reforms retirement savings plans. The estimated impact of all of these reforms, according to the Joint Committee on Taxation, will be more jobs, more economic growth, and a more progressive tax code.

The long-rumored simplification of the tax code is the central plank of the Camp plan. Rather than seven tax brackets, we'll now have three: 10%, 25%, and 35% - with the 35% rate kicking in on individuals who make more than $400,000 or couples who make over $450,000:

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