Promise of Rate Cut Means Corporate Tradeoff in Code Redo

Republicans have spent the past three years promising to significantly reduce personal and corporate tax rates without increasing the budget deficit. They’re about to show how.

Representative Dave Camp, chairman of the House Ways and Means Committee, will release a draft bill this week that’s being closely watched by corporate lobbyists and lawmakers. The plan will point up the tradeoffs in reshaping the tax code and altering U.S. tax breaks for retirement, housing, energy, charity, health care, capital gains and finance.