[IMGCAP(1)][IMGCAP(2)]The recently released discussion draft of the Tax Reform Act of 2014 by the House Ways and Means Committee is intended to simplify the existing tax code, make it fairer to taxpayers and strengthen the U.S. economy by lowering tax rates.

Based on the analysis of the discussion draft by the Joint Committee on Taxation, this simplification of the code and lowering of the tax rates will create 1.8 million new jobs and achieve additional economic growth of $3.4 trillion. The discussion draft modifies the current law with changes to a large number of existing tax provisions including the research tax credit, whose benefits have encouraged business taxpayers in a wide variety of industries since its inception.

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