The tax code overhaul proposed by House Ways and Means Committee Chairman Dave Camp will boost economic and job growth and reduce the deficit, according to a new analysis from the American Action Forum.

Based on a review of the research on lowering tax rates and cutting tax loopholes, AAF estimates that the Michigan Republican’s proposal could increase economic output and lead to as many as 500,000 new jobs a year early on, and yield up to $1.5 trillion in deficit savings over 10 years.