The top Republican tax-writer in Congress proposed restructuring the U.S. tax code to eliminate dozens of breaks to pay for reductions in the corporate and individual rates. The 979-page plan from Representative Dave Camp would mark the biggest changes to the U.S. tax system since 1986, affecting every part of the U.S. economy. The proposal includes new limits on breaks for health insurance, retirement savings and mortgage interest. The plan would repeal breaks for student loan interest, moving expenses, accelerated depreciation, and state and local taxes. [Bloomberg]
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