House Republicans call for overhaul of tax code in 2013 [View all]
Source: washington post
As part of a year-end budget deal, House Republicans are urging adoption of “fast-track procedures” to force lawmakers to complete a sweeping overhaul of the U.S. tax code in 2013.
House Ways and Means Committee chairman Dave Camp (R-Mich.) said Thursday that he has two goals with respect to the tax code: “One, block massive, job-killing tax increases” at the end of the year, when the George W. Bush-era tax cuts are set to expire. “And two, enact — not just pass — comprehensive tax reform.”
“There is strong support to use the expiration of the (Bush tax cuts) as leverage to force action in 2013 on comprehensive tax reform,” Camp told the Federal Policy Group’s annual tax seminar. “How? Simple: In addition to extending current low-tax policies originally enacted in 2001 and 2003, we should enact fast-track procedures to compel comprehensive tax reform next year.”
Camp said he is mulling what form those procedures might take. He and House Speaker John A. Boehner (R-Ohio), who endorsed the idea this week, made comparisons to the process by which lawmakers adopt trade agreements negotiated with other nations. Under that system, Congress has 90 days to reject or approve a pact in its entirety without amendment.
Read more: http://www.washingtonpost.com/business/economy/house-republicans-call-for-overhaul-of-tax-code-in-2013/2012/05/17/gIQApRPBXU_story.html
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