Can Washington Really Reform the Tax Code?


Rep. Camp: Tax Reform is Bigger than Just Loopholes

Continue Reading Below

Rep. Camp: Tax Reform is Bigger than Just Loopholes

Rep. Dave Camp, (R-Mich.), on the push for tax reform.

Despite skepticism Washington can overhaul the tax code, House Ways and Means Committee Chairman Dave Camp (R-MI) optimistically continues his push to write a new federal tax system, even vowing to consider using the upcoming debt limit fight to force bipartisan action on the issue.

“Any opportunity to advance tax reform, I’m on that street” said Camp in an exclusive interview with FOX Business. “And it could be an opportunity, certainly, to get the kind of process and procedures to move tax reform through the Congress. I think it’s probably very difficult to have a tax reform just deposited in the debt limit in total but, again, I think it’s an opportunity that I’m going to pursue.”

Camp and Republicans argue Congress should dedicate any revenue raised through eliminating or reducing tax preferences to decreasing marginal rates. Camp said President Barack Obama committed to that position, known as revenue neutrality.

Continue Reading Below

“When he came to the Congress and I had a chance to talk to him about it, we engaged on tax reform and he made a commitment that he’s interested in revenue-neutral corporate reform” said Camp.

At a Wednesday budget briefing, White House officials described that commitment as a compromise, acknowledging the president prefers raising additional revenue through corporate tax reform.

More On This...

What do you think?