WASHINGTON — Big banks would face a new tax on lending. Taxes paid to state and local governments would no longer be deductible. The earned income credit for low-wage workers would be converted to a more limited deduction on payroll taxes. The mortgage deduction and retirement savings breaks would be curtailed.

Representative Dave Camp of Michigan, a Republican who is chairman of the House Ways and Means Committee, unveiled a sweeping overhaul of the 70,000-page federal tax code on Wednesday that would collapse seven personal income tax brackets to two and lower the corporate rate to 25 percent from 35 percent.

But the seeds of the plan’s destruction might be found in the fine print. When asked about the proposal’s details on Wednesday, House Speaker John A. Boehner replied, “Blah, blah, blah, blah.”

Faced with that cool reaction from the highest echelons of his party’s leadership, Mr. Camp pleaded: “You are going to hear a lot about one provision or another provision, or even another provision. But the truth is people want a simpler, fairer and flatter code.”