Former chairman: deductions can pay for GOP tax reform
When Dave Camp was chairman of the House Ways and Means Committee he drafted an overhaul of the tax code that was able to reduce headline corporate tax rates to 25% and simplify personal tax rates into 3 brackets of 10%, 25%, and 35%.
Why it matters: Camp, who now serves as a Senior Policy Advisor at PwC, was able to cut rates in his 2014 effort because he took an axe to cherished deductions like those for charity, mortgage interest and state and local taxes. His plan didn't survive in an election year. In an Axios interview, he says the latest tax reform efforts may run into similar obstacles.