COMMITTEE on WAYS and MEANS

Chairman Dave Camp

Comprehensive Tax Reform

House Republicans support comprehensive tax reform to get Americans working again and our economy back on track.  Independent economists estimate that, when coupled with reduced federal spending, comprehensive tax reform could lead to the creation of 1 million jobs in the first year alone.  

On January 24 Ways and Means Committee Chairman Dave Camp (R-MI) released a financial products discussion draft as part of the Committee’s broader effort on comprehensive tax reform that significantly lowers rates.  The proposal seeks to modernize tax rules to minimize Wall Street’s ability to hide and disguise potentially significant risks through the abuse of derivatives and other novel financial products – an activity that was a contributing factor to the 2008 financial crisis.  The discussion draft also outlines changes to tax rules designed to provide greater simplicity and uniformity.
 
The discussion draft consolidates several reforms that have been identified as necessary to provide more uniform tax treatment of financial products.  
 
Overview
Summary
Press Release
Draft Proposal
Technical Explanation

To submit comments on the financial products discussion draft, please email those comments to: Tax.Reform@mail.house.gov

The Ways and Means Committee held 20 separate hearings on comprehensive tax reform in the 112th Congress and released an international tax reform discussion draft in October 2011.  
 
The discussion draft reflects what has become a trademark of Camp’s approach to tax reform – an open and transparent process in which stakeholders are encouraged to review and comment on specific legislation prior to formal legislative action.
Learn more about the Committee’s work on comprehensive tax reform below.

Camp Comments on Comprehensive Tax Reform
 In the News: Camp on Comprehensive Tax Reform
Laying the Foundation:  The Ways and Means Committee’s Record on Comprehensive Tax Reform
Since Republicans took back the majority in the House for the 112th Congress, the Committee on Ways and Means has embarked upon an active agenda in pursuit of comprehensive tax reform.  Over the past two years, the Committee has:
  • Conducted 20 separate hearings on comprehensive tax reform.
  • Established that comprehensive tax reform should include top corporate and individual tax rates of 25 percent.
  • Secured inclusion of comprehensive tax reform with a top rate of 25 percent in the House Republican Budget Resolution for FY 2012 and FY 2013.
  • Released a draft proposal for moving from a “worldwide” system of taxation to a “territorial” system of taxation.  Learn more below.
Making America A More Attractive Place To Hire and Invest :  International Tax Reform