Camp to Release Small Business Tax Draft on Wednesday
March 5, 2013
Rep. Dave Camp (R-Mich.), the House’s top tax writer, will release a draft proposing changes to tax laws for small businesses on Wednesday, as part of his broader efforts to comprehensively overhaul the tax code.
Many small businesses pay taxes as individuals, a major reason that Camp and other Republicans have long said that the tax code needs to be rewritten for both individuals and corporations.
Camp, the chairman of the Ways and Means Committee, has vowed to pass a reform plan out of his panel this year, and says he is still shooting to bring the top rate for both individuals and corporations down to 25 percent.
House GOP leaders have reserved H.R. 1, prime legislative real estate, for the tax reform package that emerges from Camp’s panel.