(Bloomberg) -- Republicans have spent the past three years promising to significantly reduce personal and corporate tax rates without increasing the budget deficit. They’re about to show how.
Rep. Dave Camp, R-Mich., chairman of the House Ways and Means Committee, will release a draft bill this week that’s being closely watched by corporate lobbyists and lawmakers. The plan will point up the tradeoffs in reshaping the tax code and altering U.S. tax breaks for retirement, housing, energy, charity, health care, capital gains and finance.
The draft is a product of the political and arithmetic constraints Camp imposed in producing the most complete reconstruction of the U.S. tax code since 1986. He will have to supply all of the details, moving beyond the outlines in House- passed budgets and campaign platforms that typically focus on benefits and not costs.
Camp and the other 22 Republicans on the Ways and Means panel spent several months in closed-door meetings hashing out the details, few of which have become public in advance of the full plan’s release.
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