Will House Republicans push a corporate tax overhaul?
The White House has lately been voicing support for lowering the corporate tax rate. A Republican takeover of the House would give the idea even more traction, with Rep. Dave Camp of Michigan in line to chair the tax-writing House Ways and Means Committee.
Camp is a staunch supporter of overhauling the corporate tax code, as seen in this Feb 7, 2008, press release from his office.
"For the U.S. economy to truly grow, be competitive, and create jobs, Congress needs to examine the tax code's deep, fundamental flaws," said Camp, a senior member of the committee. "By making the 2001 and 2003 tax cuts permanent and reducing the corporate tax rate to, for example, the OECD average rate of 31 percent, the United States can compete for jobs in this increasingly shrinking world of commerce."
Camp noted in the release that, in 1960, America was home to 18 of the world's 20 largest corporations, yet three decades later that number had shrunk to eight.
"We know why," Camp continued. "Virtually every other industrialized nation has reduced tax rates leaving us with the second highest corporate tax rate. It's been 20 long years since Congress successfully embarked on a comprehensive plan to lower people's tax rates. It's time we streamline the code, make it simpler for taxpayers to comply with, and lower the tax burden on families and business owners."
The administration wants to pay for a lower rate by paring back various industry tax breaks. No word yet on how Camp would cover the cost, but the way he ties the issue to making U.S. companies more competitive is music to the ears of corporate lobbyists who have been fending off Democrat-proposed tax hikes for months.
Jia Lynn Yang
| November 1, 2010; 1:02 PM ET
Categories: 2010 Elections, Corporate taxes
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