House Republicans say they want a simpler tax code. The House Ways and Means Committee produced its draft today calling for closing loopholes, reducing the number of income taxes brackets to just two ... 10 and 25 percent ... and removing the cap for charitable giving. Committee Chairman Dave Camp says his proposal would also cut taxes for businesses by one-third, reducing the corporate tax rate to 25 percent.
Indiana US Senator Dan Coats issued a statement today saying he applauds the effort. Coats says tax reform needs to happen for our economy and global competitiveness, and that he will help work to move this complex issue in the right direction. Senate Minority Leader Mitch McConnell says the bill is already dead in the Senate.