Tax Reform Proposal Unveiled
Some say Congress won't actually get around to working on tax reform until 2017 - but House Ways and Means Committee Chair Dave Camp has unveiled a new tax reform proposal. The proposal calls for lowering income tax rates for most Americans and businesses - but also reducing the value of or eliminating entirely key tax breaks. House Speaker John Boehner says the plan is the beginning of a conversation lawmakers need to have about tax reform. Among other things - the proposal would reduce the number of individual income tax brackets from seven to three and raise the standard deduction to 11-thousand for individuals and 22-thousand for couples. Camp says the latter would mean most filers would only have to file a basic IRS 1040A form. The proposal also increases the child tax credit, reduces the mortgage interest deduction and eliminates the state and local income tax deduction.
American Farm Bureau Federation President Bob Stallman commended Camp for doing the hard work of developing a comprehensive rewrite of the nation's tax code. He says the proposal is a strong and much-needed start to what will surely be an extensive tax reform discussion. Stallman says farmers and ranchers are grateful for the willingness of Camp and his colleagues to listen to their concerns on issues like cash accounting. Stallman says the proposal does run deep and wide at a level of detail that will require careful analysis. He says Farm Bureau will take a serious look at the proposal and looks forward to continuing the conversation about meaningful tax reform that benefits the whole economy.
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