Feb. 26 (Bloomberg) — The tax plan by House Ways and Means Committee Chairman Dave Camp would further limit the mortgage-interest break and end the deduction for state and local taxes, according to a nonpartisan congressional summary.
Camp's plan to be unveiled today, the most comprehensive reconstruction of the tax code since 1986, would reduce individual and corporate tax rates. The corporate rate cut to 25 percent from 35 percent would be phased in over five years.
The summary by the Joint Committee on Taxation is dated Feb. 21. Camp, a Michigan Republican, is scheduled to release the full plan at 1:30 p.m. today in Washington.
The proposal probably won't advance in Congress this year, in part because of a partisan disagreement over whether tax-code changes should raise additional revenue. Camp's plan would avoid increasing the budget deficit.
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