House Ways and Means Committee chairman Dave Camp, R-Mich., has released his long-awaited draft legislation on tax reform, to mixed reviews.
Based on analysis by the independent, nonpartisan Joint Committee on Taxation, without increasing the budget deficit, the Tax Reform Act of 2014 would create up to 1.8 million new private sector jobs, allow roughly 95 percent of filers to get the lowest possible tax rate by simply claiming the standard deduction (no more need to itemize and track receipts), strengthen the economy and increase gross domestic product by up to $3.4 trillion, the equivalent of 20 percent of today’s economy.
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