Outlook Dims for Tax Overhaul This Year

Image: Outlook Dims for Tax Overhaul This Year Rep. Dave Camp

Thursday, 14 Nov 2013 01:02 PM

By Elliot Jager

Share:
A    A   |
   Email Us   |
   Print   |
   Forward Article  |
  Copy Shortlink
Republicans plan to delay overhauling the tax code in order to keep the political heat on President Barack Obama's healthcare problems.

Even House Ways and Means Committee Chairman Dave Camp, who has spearheaded moves to simplify the tax code, is accepting that it is now unlikely to move forward this year, The Hill reports.

Camp told reporters he still hopes to keep his year-old pledge to send tax overhaul legislation out of his committee this year, but accepts there are problems.

"Clearly, we lost time with the shutdown," Camp admitted. "That was three weeks I'd like to have back. So we have to adjust, given changing circumstances."

The Michigan Republican is meeting House Republican leaders Thursday to discuss its prospects for the current legislative calendar, which ends in three weeks.

He wants an extensive overhaul of tax policy that would curtail tax breaks, cut the top individual rate from 39.6 percent to 25 percent, and reduce the top corporate tax rate from 35 percent to 25 percent.

Camp has dedicated the past three years to tax reform, and for months has been working to build support for change with Democrat Sen. Max Baucus, the Senate Finance Committee chairman.

Camp's approach "is pretty straightforward: If Congress eliminates unnecessary deductions, closes loopholes, and scraps superfluous tax giveaways, the result will be a simpler, streamlined tax code that produces more revenue," according to Steve Benen of MSNBC.
Related Stories:

© 2014 Newsmax. All rights reserved.

Share:
   Email Us   |
   Print   |
   Forward Article  |
  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
 
Email:
Retype Email:
Country
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

Peter King, Press Corps Irked Over White House Boston Observance

Tuesday, 15 Apr 2014 22:16 PM

The White House press corps was unhappy that it was not allowed access to a moment of silence for Boston Marathon victim . . .

Dick Morris: US Must Keep Electoral College

Tuesday, 15 Apr 2014 14:46 PM

Democrats are plotting to rig the presidential voting system to ensure that liberals win future elections, veteran polit . . .

Rancher: If Feds Plan Raid or Lawsuits, 'We'll Take You On'

Tuesday, 15 Apr 2014 23:04 PM

Nevada rancher Cliven Bundy says he doesn't know much about possible plans by the federal government to either raid his  . . .

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

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