One of the two principal figures in charge of rewriting the nation’s income tax laws is Republican Dave Camp of Michigan, chairman of the all-powerful House Ways and Means Committee. Last week he released an extremely comprehensive tax code overhaul plan that has been three years in the making. The plan is designed to simplify the tax law and lower overall tax rates while remaining revenue-neutral. To call the plan bold is an understatement. Among many other things it: reduces the number of tax brackets from the current seven to just three, with tax rates of 10 percent, 25 percent and 35 percent. increases the standard deduction so that 95 percent of taxpayers would not have to itemize. taxes long-term capital gains and dividends as ordinary income — that is, at the 10 percent, 25 percent and 35 percent rates — but exempting 40 percent of such income from any tax. repeals the dreaded alternative minimum tax (AMT). reduces the top corporate income tax rate to 25 percent from 35 percent, to be phased in over four years

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