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Thursday
Feb272014

GOP Leader Introduces Tax Reform Bill

Alex Wong/Getty Images(WASHINGTON) -- The most sweeping tax overhaul plan in almost 30 years was introduced by House Ways and Means Chairman Dave Camp on Wednesday.

The Michigan Republican proposed reducing the taxable rate from 35 percent to 25 percent for the 99 percent of Americans earning under $450,000.

Another recommendation: married couples filing jointly would see their standard deduction rising a whopping $10,000 to $22,000. Camp also wants to greatly simplify the tax code by getting rid of close to 230 sections of tax laws.

Some of the downsides include the elimination of $3,900 in personal exemptions for each dependent while state and local taxes would no longer be deducted.

Although credited with making a bold move, Camp's plan doesn't exactly have a ringing endorsement from the most powerful member of the House. Speaker John Boehner, who was asked to describe details of the bill, told reporters, "Blah, blah, blah, blah."

Copyright 2014 ABC News Radio