Any overhaul of the U.S. tax code should be bipartisan, prevent a net increase in revenue and avoid shifts of the tax burden across income groups, says Representative Dave Camp, who will design the Republicans’ plan.
Camp, who wants to cut the top individual and corporate tax rates to 25 percent from 35 percent, doesn’t plan to release a detailed bill before the Nov. 6 election showing what tax breaks he would eliminate or curtail to offset the rate reduction, he said on Bloomberg Television’s “Political Capital with Al Hunt,” airing this weekend.
“It’s not just me issuing a bill and pronouncing from on top of a mountain what we’re going to do,” said Camp, the Michigan Republican who is chairman of the House Ways and Means Committee. “We’re not going to probably put out a bill.”
Camp’s guidelines for a tax overhaul present him with a series of difficult challenges as he makes plans to write a bill and his panel continues a series of hearings.
He wants bipartisanship, which is complicated by his opposition to using the overhaul of the tax code to raise more revenue. Democrats, including President Barack Obama, say that long-term deficit reduction must include higher taxes, particularly for top earners.
Camp also wants to avoid major changes in the distribution of the U.S. tax burden while expressing concern about raising tax rates on capital gains and dividends, which tend to benefit the highest-income taxpayers.
See the full Camp interview on Bloomberg Television and read more at Bloomberg.com.