Camp Formally Introduces the Tax Reform Act of 2014
Washington, DC – Today, Ways and Means Committee Chairman Dave Camp (R-MI) officially introduced H.R. 1, the Tax Reform Act of 2014. This proposal formalizes the tax reform discussion draft released on February 26, 2014, without modifications. Below are excerpts from Chairman Camp’s statement submitted for the Congressional Record.
“At its core, the Tax Reform Act of 2014 is about making the tax code simpler and fairer for hardworking taxpayers. I believe every taxpayer should be able to do his or her taxes without fear that someone with better accountants or lawyers is getting a better deal. This legislation does that by ensuring that virtually all taxpayers would pay the least amount of taxes without having to keep track of every receipt and record and live in fear of an IRS audit. This legislation makes the Code more effective and efficient by getting rid of narrowly targeted provisions to lower tax rates across the board. This will enable small and large businesses alike to expand operations, hire new workers, and increase benefits and take-home pay.
“I hope that the formal introduction of this proposal in the House today will help spur further action on this critical issue in the 114th Congress.”
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); and
- Strengthens the economy and increases Gross Domestic Product (GDP) by up to $3.4 trillion (the equivalent of 20 percent of today’s economy).
Full text of Chairman Camp’s statement can be found here.
A section-by-section of the proposal can be found here.
JCT’s technical explanation of the proposal can be found here.