Top US House tax writer vows tax reform in 2013
- Live, Ind vs Aus: Quick strikes put India on top
- Bengal nun gangrape: First arrest made from Mumbai
- Germanwings crash: Chilling report says one pilot left cockpit, was unable to return
- If anything that is defamatory goes off, we will have a very boring Internet: Jaitley
- Hooda govt bent rules to favour Robert Vadra firm: CAG
The U.S. House of Representatives' top Republican tax writer on Thursday pledged to tackle a full-scale overhaul of the tax code in 2013, but offered few specifics on how to get it done.
Republican Dave Camp said in the text of a dinner speech that the House Ways and Means Committee, which he chairs, will write, act on and pass comprehensive tax reform legislation in 2013.
He added, Let me repeat that: we intend to move a comprehensive tax reform bill in 2013 - no matter what.
The U.S. tax code has not been thoroughly overhauled since 1986. Since then, it has become riddled with loopholes even as the federal budget has slid deeply into deficit. Bipartisan political support for tax reform has been building in response to the deficit and growing criticism that the tax code is not only inadequate, but to some, unfair. One thing that is virtually undisputed though is that tax reform always takes
leadership from the Oval office, Camp said.
Nearly everyone who worked on the '86 Act has said that it required the leadership of the president of the United States. President Ronald Reagan made tax reform a cause. Camp challenged U.S. President Barack Obama , re-elected to a second four-year term last week, to lead on tax reform, while hewing closely to Republican opposition to the De mocratic pre sident's call for raising tax rates on wealthy Americans.
The president has a choice to make before the end of the year. Does he simply want to stand for higher tax rates on top of a broken code, or will he s upport comprehensive tax reform that strengthens our economy? Camp said. Obama has urged major tax code changes, as well, and has offered a plan to end a number of corporate tax breaks and lower the corporate tax rate.