On Feb. 26, House Ways & Means Committee Chairman Dave Camp, R-Mich., released his long-awaited draft of new tax reform legislation. Camp’s ambitious plan includes far-reaching initiatives such as compressing the current seven-bracket tax rate structure for individuals into two brackets with a top 25% rate, gradually reducing the top corporate income tax rate from 35% to 25% over five years, hiking the standard deduction to $11,000 for single filers and $22,000 for joint filers, and repealing the alternative minimum tax (AMT). It would also consolidate the confusing mix of higher education tax benefits into a single tax credit.
The plan isn’t expected to survive unscathed, but it’s a good jumping-off point.
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