Posted on 03/18/2011 8:07:31 AM PDT by 92nina
As reported in today's Wall Street Journal, House Ways and Means Committee Chairman Dave Camp (R-Mich.) will be pursuing broad-based tax reform. Unlike other efforts (particularly potential Senate efforts) in this area, Camp is committed to implementing all three legs of the tax reform stool:
Lower the rates. The Camp plan would cut the top personal and corporate rates to no higher than 25 percent. In the case of the corporate income tax, that would move us from the highest rate in the developed world to only slightly higher than our European competitors. The 25 percent personal income tax rate is needed to keep a consistent tax treatment of all business profits...
Read more: http://www.atr.org/house-ways-means-chairbr-dave-camp-a5958#ixzz1GxkCL3fs
(Excerpt) Read more at atr.org ...
Take this article and others I found to the fight to the Libs on their own turf; put the Left on the defensive at at Digg and at Reddit and in Delicious and Stumbleupon
Currently before the committee Dave Camp chairs is HR25 (the the Fairtax) which is the REAL answer to tax reform but since Dave Camp is, first and foremost, a tax attorney I fully expect him to keep right on fiddling with the income tax system while Rome burns!
This is merely more tinkering with a federal income tax code that is beyond repair. It needs to be replaced. The replacement has been before each session of Congress since 1999. It’s called The Fair Tax Act(HR25/S296) The Fair Tax will replace all federal income taxes, including corporate income taxes, with a national sales tax and abolish the IRS. The tax rate on corporations with the Fair Tax will be 0%.
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