FROM: CONGRESSMAN DAVE CAMP WEBSITE
Camp Releases Tax Reform Plan to Strengthen the Economy
and Make the Tax Code Simpler, Fairer and Flatter
Recently, Congressman Dave Camp (R-Midland) released draft legislation to fix America’s broken tax code by lowering tax rates while making the code simpler and fairer for families and job creators. Camp’s latest draft, the “Tax Reform Act of 2014,” spurs stronger economic growth, greater job creation and puts more money in the pockets of hardworking taxpayers.
Based on analysis by the independent, non-partisan Joint Committee on Taxation (JCT), without increasing the budget deficit, the Tax Reform Act of 2014:
Creates up to 1.8 million new private sector jobs.
Allows 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).
Strengthens the economy and increases Gross Domestic Product (GDP) by up to $3.4 trillion (the equivalent of 20 percent of today’s economy).
Based on calculations using data provided by JCT, the average middle-class family of four could have an extra $1,300 per year in its pocket from the combination of lower tax rates in the plan and higher wages due to a stronger economy.
Discussing the need to fix America’s broken tax code, Camp said, “It is no secret that Americans are struggling. Far too many families haven’t seen a pay raise in years. Many have lost hope and stopped looking for a job. And too many kids coming out of college are buried under a mountain of debt and have few prospects for a good-paying career. We’ve already lost a decade, and before we lose a generation, Washington needs to wake up to this reality and start offering concrete solutions and debating real policies that strengthen the economy and help hardworking taxpayers. Tax reform is one way we can do that.”
