House Ways and Means Committee chairman Rep. Dave Camp, R-Mich., officially introduced H.R. 1, the Tax Reform Act of 2014. Camp’s legislation proposes formalizing the tax reform discussion draft released on February 26th.The Tax Reform Act of 2014 makes the code simpler and fairer by:
Providing a significantly more generous standard deduction so that 95 percent of taxpayers will no longer be forced to itemize their individual tax deductions.
Reducing the size of the federal income tax code by 25 percent.
Tackling fraud, abuse and mismanagement at the IRS to protect hard-earned taxpayer dollars.
It proposes to make the economy stronger by
$3.4 trillion in additional economic growth
1.8 million new jobs
$1,300 per year more in the pockets of middle-class American families
Camp called for the legislation to “spur further action” during the 114th Congress, which begins in January.
Meanwhile, incoming Senate Finance Committee Chairman Orrin Hatch and the U.S. Senate Finance Committee Republican staff released a nearly 350 page report on all things tax reform, entitled “Comprehensive Tax Reform for 2015 and Beyond,” outlining issues that policymakers will face if they attempt comprehensive tax reform in the upcoming Congress.