As part of his new tax plan, the president has proposed ending the “step-up” in tax basis for inherited assets, and, furthermore, requiring the capital gains tax to be paid at death rather than when an heir later sells...
- Camp promises tax reform bill in 2013
Camp promises tax reform bill in 2013
By STEVEN SLOAN
11/15/12 7:38 PM EST
For House Ways and Means Committee Chairman Dave Camp, 2013 is the year.
In a speech Thursday night to the right-leaning Tax Foundation, the Michigan Republican committed his panel to doing something that hasn’t happened in 26 years: fundamentally rewriting the tax code.
“We intend to move a comprehensive tax reform bill in 2013 — no matter what,” Camp said.
The remarks come on the eve of a White House meeting Friday between President Barack Obama and congressional leaders from both parties to talk about the upcoming fiscal cliff.
Heading into those talks, Obama has said the Bush-era tax cuts must expire for top earners at the end of the year. He’s also dismissed arguments by Republicans, including Camp, that economic growth that results from overhauling the tax code would generate revenue for the government.
But Camp didn’t back down, arguing that the real revenue opportunity is through a tax reform package that lowers rates and broadens the tax base.
“The president has a choice to make before the end of the year,” Camp said. “Does he simply want to stand for higher tax rates on top of a broken code or will he support comprehensive tax reform that strengthens our economy?”
Camp didn’t offer any new details on the type of tax code rewrite he’s seeking. He’s previously said that tax rates for individuals and corporations should be cut from the current 35 percent maximum rate to 25 percent. He introduced draft legislation last year that would shield multinational companies from paying taxes on most of their profits generated in other countries.
Though both parties remain at loggerheads over fiscal issue, Camp did single out his Senate counterpart — Democratic Finance Committee Chairman Max Baucus — for praise.
“While some spent the last few months of the campaign denigrating tax reform, Max has never wavered,” Camp said.
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