The U.S. Congress and President Barack Obama should endorse a fast-track approach leading to a rewrite of the tax code in 2013, Representative Dave Camp, the top House tax writer, said today.
“Doing so would send a clear, strong message to the markets, to employers and families that Washington is serious about reforming our tax code and putting us on a path to sustained economic growth,” Camp said in a speech in Washington, according to prepared remarks distributed by his office.
Camp, 58, a Michigan Republican, is chairman of the House Ways and Means Committee. He spoke today at a conference sponsored by Baker & Hostetler LLP, the lobbying firm Federal Policy Group and the Yale Club of Washington.
The fate of a tax code overhaul is linked to other fiscal policy issues. They include automatic spending cuts starting in January and expiration of tax cuts that comprise a so-called fiscal cliff late this year that could reduce the gross domestic product by about 3 percent if Congress does nothing.
Camp and House Speaker John Boehner, an Ohio Republican, want to couple the short-term extension of expiring tax cuts with what they both called an “expedited process” to ensure a tax code rewrite in 2013. They haven’t decided on details of the process or estimated what the consequences of inaction would be.
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