Repealing the EV credit is just a small part of the Tax Reform Act of 2014, which would eliminate many of the complexities in the current code. Camp calls for just two income-tax brackets for nearly all earners, reduced corporate rates, and an end to deductions for education loans and mortgage interest, among other items.
“We cannot sit back and accept the status quo – families are struggling, wages are stagnant and employers are still not hiring,” Camp said in a statement. “The people I represent in Michigan didn’t send me to Congress to warm a chair; they expect me to find real solutions to problems.”
Camp promises his reforms will create nearly two million new jobs in the private sector, while reducing the tax burden on average-income middle-class family of four by approximately $1,300.
Despite the furious debate surrounding taxes over the past few years, Camp’s proposal has elicited little reaction from either side of the aisle. Some legislators from both parties agree that it will serve as a starting point for further discussions, leaving room for items such as the EV-credit repeal to be dropped from the bill as it attempts to move forward.
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