Tags: camp | baucus | tax | reform

Republicans Forge Ahead on Plan to Rewrite Tax Code

Wednesday, 24 Apr 2013 10:04 AM

By Sandy Fitzgerald

  Comment  |
   Contact Us  |
|  A   A  
  Copy Shortlink
House Republicans are beginning a push this week for the first tax code rewrite in more than quarter of a century, with Ways and Means Chairman Dave Camp briefing small groups of lawmakers with discussion draft bills his staff has produced.

Chief Deputy Whip Peter Roskam and Majority Whip Kevin McCarthy will join Camp in holding the briefings, Politico reports. Meanwhile, Camp has met privately with every freshman Republican representative to discuss rewriting the tax code.

The tax code rewrite will likely be a bipartisan effort between the Senate and House. Senate Finance Chairman Max Baucus, who announced his retirement Tuesday, said he will spend much of the rest of the year-and-a-half he has left in office working on “simplifying and improving the Tax Code.”

The combination of Baucus and Camp, who is term limited, could bring reform to a tax code that both parties think is too cluttered with entitlements to businesses and individuals to work well.

But no-one is suggesting overhaul will be simple. The rewrite could compete with a new farm bill or a new highway bill in the 113th Congress, but few Republican lawmakers believe all three issues will be completed.

An added complication is that Democrats and Republicans have different priorities. While the GOP wants to cut taxes, Democratic leaders want to use the changes to raise revenue.
Camp's first draft is expected to rework how multinational corporation taxes are collected, avoiding the current system of allowing companies to leave more than $1 trillion deposited offshore to avoid taxes back in the United States.

The Michigan lawmaker has also won attention for his financial transactions draft bill, which requires trades to use market-to-market accounting rule.

Camp, who first came to Congress in 1990 at the same time as Speaker John Boehner, could seek a waiver from his party to serve as committee chairman for another two years. However, Wisconsin Republican Rep. Paul Ryan, a powerful force with credits including a 2012 run for vice-president, reportedly is very interested in taking Camp's Ways and Means gavel.

Meanwhile, Baucus said his decision to forgo reelection will give him more “time and energy” to work on the tax code revision.

“I am not turning out to pasture because there is important work left to do,” Baucus told The Hill. “I am ready to roll up my sleeves and get to work.”

© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact Us  |
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Retype Email:
Zip Code:
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Zhudi Jasser: White House Lacks 'Courage' to Use the Word 'Muslims'

Monday, 21 Apr 2014 10:45 AM

The White House lacks "courage" to use the word "Muslims" when admonishing communities to look for extremist tendencies  . . .

Pastor Imprisoned in Iran Issues Easter Message

Monday, 21 Apr 2014 10:31 AM

Saeed Abedini, the 33-year-old Christian pastor imprisoned in Iran, sent out an Easter letter written in the Tehran hosp . . .

US: 'Green Men' Seizing Buildings in Ukraine Are Russian

Monday, 21 Apr 2014 10:25 AM

Some of the "green men" photographed in eastern Ukraine have been identified as Russian soldiers seen in other locations . . .

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved