US House tax writer vows tax reforms
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
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