Jun 27, 2012
Top House GOP Tax Writer Calls for Action on “Fiscal Cliff”
House Ways and Means Chairman, Dave Camp (R-MI) wrote in The Hill this week about the potential for a deepening economic crisis if Congress does not act on tax reform and the tax extenders that are set to expire at the end of this year. While many commissions, academics, and even a few members of Congress have put forth specific plans for tax reform, there is yet to be one proposal that looks likely to succeed in today’s political climate. In this article, Chairman Camp highlights the mountainous challenges our economy faces and indicates he will put forth his principles for tax reform before August. This is important because as the chairman of the House Ways and Means Committee, he will have one of the most important key roles in any effort to address tax reform or tax extenders.
In his article, Chairman Camp writes that his principles will be based on “lower taxes for families and job creators to a top rate of 25 percent, eliminate the alternative minimum tax, transition America to a more competitive territorial tax system and keep revenue levels in the historic norm of 18-19 percent of gross domestic product.” He does not provide any specifics about charitable giving incentives or the charitable deduction but we will continue to follow what he says over the next few weeks on this subject. We will bring you the details when his principles are announced and how they might influence Americans to give more to charity.
Read Chairman Camp’s full article in The Hill here.
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