Camp Insists on Individual Rate Cuts in Resistance to Obama Tax Plan

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The U.S. tax systems for individuals and corporations should be revamped together, said the top Republican tax writer in Congress, resisting President Obama's call for a business-only approach.
Rep. Dave Camp (R-Mich.), chairman of the House Ways and Means Committee, plans to advance legislation through his panel by the end of the year that would lower tax rates for individuals and companies, he said in an Aug. 2 interview on Bloomberg Television's Political Capital with Al Hunt.
To pay for those changes and produce a revenue-neutral bill, Camp said he is considering altering the deductions for mortgage interest and charitable contributions. Camp said he's still determining whether to tax capital gains as ordinary income, which he said would help cover the cost of rate cuts. He ruled out a carbon tax and a value-added tax.
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