House Ways and Means Chairman Rep. Dave Camp, R-Mich., and other House Republicans have planned meetings this week to discuss a tax-reform proposal that includes only two tax rates for individuals and small businesses and one rate for corporations, curbing tax breaks to make up for lost revenue. Although both parties agree tax reform is necessary, Democrats disagree with the GOP plan and the Obama administration has also proposed an overhaul of corporate taxes that limits deductions but does not include lower rates for individuals.

Related Summaries