Reform both corporate and personal taxes?
Committee chair wants to looks at changes to tax code for corporations and individuals simultaneously.
Rep. Dave Camp, chairman of the House Ways and Means Committee, said he wants to begin discussions on rewriting individual and corporate taxes at the same time.
Obama-administration officials have focused their discussions in recent weeks primarily on tax changes that would affect corporations.
Camp, R-Mich., said that tackling the corporate-tax code alone wouldn't help the growing number of small businesses that are organized as partnerships, sole proprietorships or s-corporations.
"Tax reform is about getting the economy moving again," he said in a brief interview recently outside the House floor. "I'd like to begin discussions on both" individual- and corporate-tax changes, Camp said.
Businesses organized as so-called pass-throughs aren't subject to the corporate-tax regime and pay taxes at individual rates.
Obama administration officials have criticized large businesses that aren't organized as corporations and have weighed proposals to raise more money by bringing such businesses under the corporate-tax code.
Congress in late 2010 extended Bush-era tax cuts through 2012, taking the pressure off in the short term for lawmakers to permanently set rates for individuals. But that puts the issue on Congress's plate in the run-up to the 2012 elections.
Republicans are taking a deliberate approach to the tax-overhaul question and are settling in for a long debate. Camp said he will hold a series of hearings in the Ways and Means Committee this year to examine proposals.
"It'll be a multiyear process," said Rep. Charles Boustany, R-La., of the tax-overhaul effort. "You've really got to lay the groundwork."
Another key question is whether changes to the tax code would result in a net increase in revenue to the government or whether the changes should neither raise nor lower taxes as a whole.
The deficit-reduction advisory commission, led by former Clinton W http:// hite House aide Erskine Bowles and former Sen. Alan Simpson, R-Wyo., last month proposed simplifying the tax code and using $100 billion annually from the new system to pay down the deficit.
Camp, who was a member of that commission and didn't endorse its recommendations, said he "would have real concerns" about a tax-code rewrite that increases government revenue overall.
"But I don't want to lay down markers before we begin," he said.
VIDEO ON MSN MONEY
why aren't the feds over taxing the heII out of the outsourcing scumbag companies....SYMANTEC IS ONE; has anyone used their technical support and spent an hour EXPLAINING the question to the support person!
how about maytag....sending production jobs to mexico.....if anything any american company doing business in that drug cartel ravaged country should be held as an accomplice to any crimes committed in the usa.........BOYCOTT THE AZZHOLES!
The Feds don't tax our outsourcing companies because they instead provide them tax incentives to move the jobs outside the US. Combine that with treaties like NAFTA and our US company CEO's are smiling all the way to the bank. Want to increase that net profit for the quarter and have Wall Street in your corner, just layoff more US employees. Doesn't get any easier than that.
Taxes must be taken off of everything except final consumption. When a family goes to the grocery store and buys $100 in groceries and the checker add $35.00 for federal tax, $10.00 for state tax $5.00 for local taxes and $40.00 to payoff the debt, the crap will come out of the heads of the America people about the cost of Government. Give the people a more direct way of deciding what they buy though government. They will cut the cost of government and saving will increase.
Taxes taken off business will bring companies back to the USA. Real wages and employment will increase. Also, do not subsidize business in any way. Let productivity be the name of the game.
Stop the Federal Reserve from printing money. Their job would be to maintain the inflation rate at between a deflationary .25% and 0%. Their second job would be to replace themselves with a computer system as soon as possible.
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.