Chairman Camp’s Proposal: A Promising Step toward Reform

The proposal offered by House Ways & Means Chairman Dave Camp (R-MI) represents progress on behalf of a simpler and less burdensome tax system. Taxpayers should be largely encouraged by the plan. At the same time, it contains a number of provisions that require refinement and steps need to be taken to improve on the blueprint.

At 194 pages, that blueprint, in the form of a discussion draft, will require further exploration (and explanation) to determine how the final structure of a new tax system should be built. That’s to be expected when making so many changes to a body of tax law and regulations that numbers into the tens of thousands, rather than 194, pages. Nonetheless, NTU’s initial review shows the plan has strengths as well as weaknesses. Let’s start with the positive:

• Reducing the current seven income tax rates into three – 10, 25 and 35 percent. This would flatten the Code substantially and result in a tax cut for many Americans. While this is a very good step in the right direction, it would be preferable to move to a simpler .....

Read more here.  http://www.ntu.org/news-and-issues/budget-spending/02-28-14-chairman-camps-tax-reform-proposal-commentary.html?print=t