 | Washington, D.C., Nov 16 - U.S. Rep. Dave Camp, R-MI, today outlined his priorities for tax policy and reform in a tax speech to the Tax Council. Camp is in line to become the next Chairman of Ways and Means, the House’s tax-writing committee. Today’s speech is Camp’s first after the election that lays out his views on tax policy and reform. Below are key excerpts. |
On pending tax increases:
“I could easily list every single one of the nearly $700 billion in tax increases that have been signed into law in the last two years alone, but, frankly, you know what they are…and, to be honest, I’d run out of ways to say ‘higher’ and ‘larger’ and ‘job killing’ if I had to list all of them. And, that pales in comparison to the $3.8 trillion tax increase that is in store for the economy on December 31st of this year – just 45 days from now – if the current Majority fails to extend the lower rates on income, dividends and capital gains for all taxpayers.”
On dealing with expired and expiring tax provisions:
“Frankly, it is ridiculous and irresponsible for this problem to have lingered this long. The continued practice of dealing with expired and expiring tax policies after the leaves have begun to fall isn’t fair to taxpayers and doesn’t inspire much confidence in Washington.”
On the 2001/2003 tax rates:
“If the 2001 and 2003 rates expire – and if the new health care law takes full effect – the top individual tax rate will rise above 40 percent, capital gains taxes will surpass 25 percent and the effective tax rate on dividends will more than triple today’s 15 percent. The death tax next year will consume more than half of some estates.”
On extending rates for different time periods for those above and below $200,000/$250,000 in income:
“Their plan to do so by ‘decoupling’ the rates, providing a longer extension for some than for others, however, is a terrible idea and a total non-starter”
On tax reform:
“What we need is a comprehensive reform of the tax code that expands the tax base and lowers rates. The Co-Chairs of the President’s Fiscal Commission recently offered some suggestions. Tax reform is an important part of deficit reduction because while an efficient tax code can ensure the government has the money it needs with as little drag on the economy as possible, a broken tax code that impedes growth will fail to generate sufficient revenues even if spending is cut dramatically. As the Fiscal Commission continues its work, however, I want to make clear that I do not and will not support a higher level of taxation to sustain a permanent and higher level of spending.”
“Yes, I aim to launch and fight the tax reform battle once again. And, I am well aware that this might ruffle those who have used the tax code to benefit particular industries or activities at the expense of economic efficiency, simplicity, and fairness. The tax code should collect the revenue the government needs as efficiently as possible. It should not be a tool of industrial policy… Politics and politicians should not choose the industry of the day; that is the job of our private economy as driven by the spirit of the American people and a nimble free market.”
“Here are my principles of reform: fairer, simpler, and conducive to growth.”
“If families and employers are unimpeded by a cumbersome and excessively complex tax code, not only will we earn the trust of the American people, we will help restore the hope and promise of the American Dream.”
On the deficit:
“In fact, in most of the years we have run surpluses in this country, tax receipts have been below 19 percent of GDP. The notion that we must raise taxes to solve our debt and deficit problems is just wrong. The American people know it, I know it, and it is time Washington learns it.” ###
Camp Lays Out Views on Tax Policy and Reform in First Tax Speech After the Election FULL TEXT in PDF FORMAT
TEXT CREDIT: Rep. Dave Camp Washington D.C. Office: 341 Cannon House Office Building Washington, DC 20515 Phone: (202) 225-3561 Fax: (202) 225-9679
IMAGE CREDIT: DaveCampYT
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