House Ways and Means Committee Chairman Proposes Tax Plan

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Via Wall Street Journal

House Ways and Means Committee Chairman Dave Camp, R-Mich., has proposed a plan that would keep overall tax revenues at recent average levels of about 18-19% of gross domestic product, but would cut the top U.S. tax rate from 35% to 25% for individuals and corporations.  In order to accomplish this, the plan would reduce or eliminate many deductions.

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