Camp seeks to scrap the deduction for state and local tax payments, a provision most heavily used in Democratic states like New York and California.

His plan also lowers the cap on the mortgage interest deduction from $1 million to $500,000, reduces rates for the Earned Income Tax Credit (EITC) and taxes certain contributions to 401(k) plans. [...]

The Ways and Means chairman rolls back an accelerated cost recovery system, stretches out depreciation schedules and installs a system that would shield most corporate offshore income from U.S. taxation.