Source:NPR News– House Republicans talking about their own tax plan.
“Lawmakers on both sides of the aisle are eager for the Obama administration to release its blueprint for corporate tax reform.
Members said the unveiling of the plan would help move the reform discussion forward into specifics and provide a starting point for congressional action.
“I frankly would welcome any proposal that the administration has on tax reform,” Rep. Dave Camp (R-Mich.), the chairman of the House Ways and Means Committee, told reporters Wednesday. “We’re having conversations. I know they’re looking at things.”
There is wide agreement in Washington that the U.S. tax code, now a quarter-century removed from its last overhaul, is in dire need of a tune-up. Prominent policymakers in both parties have said they would like to see both the individual and corporate code revamped, but the administration seems to have put more stock in corporate reform.”
From The Hill
The White House should release a tax reform plan that includes corporate tax reform, but they should actually write a bill, instead of just a series of speeches or a list of goals.
There’s bipartisan support in Congress in both the House and Senate for tax reform. And both sides even have similar goals, to broaden the tax base and lower the tax rates. President Obama supports a similar plan and here’s an opportunity to reach a bipartisan agreement on a key issue. Something the President has wanted to do since he’s been President.
The Republican Leadership who calculated the more they were against the White House, the better chance they would have to win majorities in the House and Senate. But I believe the President’s goal has been laudable, but for him to reach it, he’s going to have to play a bigger part than to just say: “Hey guys, work out something amongst yourselves (meaning the House and Senate) and let me know what you come up with.” The way it works in Washington, for any major piece of legislation to become law, the President has to play a big role or nothing gets done. And the House and Senate just argue instead.
Tax Reform including corporate tax reform to me is pretty simple, but maybe thats because I think about it way too much. But the way to do it, is simple: eliminate most if not all loopholes, and lower the rates. Instead of high rates and loopholes, let more people spend more of their own money the way they feel they need too. Instead of government telling people how to spend their own money.
You think corporations and high-earn individuals pay too little in taxes, then you should be for tax reform and they would no longer be able to avoid paying taxes on such a high percentage of their taxes.
If you feel America is not competitive enough in the world, then you should be for tax reform, because if we eliminate loopholes, then we could lower our corporate tax and they would be able to keep more jobs at home, because there are lower tax rates in Europe.
So there are multiple reasons of tax reform, another one for the President is that it would be such a huge accomplishment, that would be part of the President Obama’s legacy. But more importantly is that it would be great for our economy.