Rep. Camp proposes a shakeup to U.S. tax code

A long-anticipated proposal for an overhaul of the U.S. tax code by Rep. Dave Camp, R-Mich., seeks to cut hundreds of popular deductions and credits, while simplifying tax law and lowering personal and business rates. The plan by Camp, chairman of the House Ways and Means Committee, calls for a 10% surtax on incomes of $450,000 or more and changes to tax incentives for retirement savings. Congressional insiders say the proposal could be a starting point for tax-reform discussions, but they do not expect the full measure to gain traction this year.

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