Tags: camp | obama | evolved | taxes

Dave Camp: Obama Has 'Evolved' on Corporate Taxes

Image: Dave Camp: Obama Has 'Evolved' on Corporate Taxes U.S. Rep. Dave Camp, R-MI.

Thursday, 11 Apr 2013 12:04 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
President Barack Obama received rare words of praise from a senior House of Representatives Republican on Thursday, with the head of the tax-writing committee saying Obama has "evolved" by explicitly pledging not to raise total corporate taxes as part of a tax overhaul.

Speaking at a breakfast sponsored by the Christian Science Monitor, Ways and Means Committee Chairman Dave Camp again pledged to pass a broad tax bill this year in his committee.

While not seeking higher corporate taxes, Obama's budget proposal unveiled on Wednesday for fiscal 2014, which begins Oct. 1, did call for tax hikes on the wealthiest Americans. Obama's plan is unlikely ever to win approval in Congress but could add momentum toward a broad tax overhaul.

Camp praised some elements of Obama's budget plan, and said he is happy the president vowed not to raise additional revenue from corporations.

"Certainly I'm pleased that the president put revenue-neutral corporate reform in his budget - that is a good step," Camp said. "The president's position has evolved."

For his own part, Camp adhered to his long-standing opposition to raising new revenue through tax code changes - a goal that Obama and many fellow Democrats have insisted on.

Robbed: Secret ‘Financial War’ Will Wipe Out Your Wealth, Warns Pentagon Adviser

Camp also ruled out possibly doing business-only tax reform, calling it "technically impossible."

Obama proposed a $3.77 trillion budget that combines cuts to social safety net programs with the tax increases on the wealthy.

His budget included proposed cuts in Social Security, the pension program for retirees, and in Medicare, the health insurance program for the elderly and disabled. While Obama has made these proposals before, their prominence in the budget plan was designed to demonstrate his seriousness about negotiating with Republicans.

The proposal revives Obama's call that wealthier people help more with deficit reduction. It would require those making $1 million a year or more to pay at least 30 percent of their income in taxes, after gifts to charity.

Obama's budget also included proposals to cap tax breaks for wealthier taxpayers, increase the estate tax and end the tax break for the "carried interest" income of fund managers like those who run private equity and other investment firms.

 

© 2014 Thomson/Reuters. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Thousands of Iranians Protest Recent Acid Attacks on Women

Thursday, 23 Oct 2014 06:58 AM

Several thousand Iranians in the city of Isfahan demonstrated against a spate of acid attacks against women and a recent . . .

Bono Joins Lobbying Push on Ebola as US Loosens Purse Strings

Thursday, 23 Oct 2014 06:53 AM

Zimek Technologies thinks it has just the thing to help the U.S. fight Ebola: an automated disinfecting system that can  . . .

A New Ebola Vaccine? Thank Dick Cheney

Thursday, 23 Oct 2014 06:47 AM

Thomas Geisbert spent the '90s scraping together funds to work on an Ebola cure. Occasionally, he'd get enough to test a . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

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