Is Tax Reform Coming At a Bad Time for Republicans?
Republicans have been vocal in the news lately, criticizing the recently launched Obamacare online insurance exchanges. Some House Republicans, like House Ways and Means Committee Chair Dave Camp, are also looking to bring up tax reform in a number of sensitive areas — according to Bloomberg. But some of his colleagues are concerned people won’t pay as much attention to a broken federal health care website with a second Boston tea party going on.
Camp will soon be meeting with House Majority Leader, Eric Cantor (R-Va.); House Speaker, John Boehner (R-Ohio); and Majority Whip, Kevin McCarthy (R-Calif.) to discuss possible cuts on tax breaks. Ultimately though, none can prevent Camp from putting a bill out there, they can only work to convince him that his timing is ill-conceived and won’t be supported. This would constitute the biggest change to the tax code since 1986. In talks with the press, Camp indicated that he is still unsure of his plans, and that the bill might not be released until after Thanksgiving.
“I look forward to discussing the merits of tax reform with our leadership. I think the time is right, we need a pro-growth reform agenda,” Camp said. As to just where the changes in taxes might show up, Camp has been very tight lipped, but the goal has been to decrease the top individual rate down from 39.6 percent to 25 percent, and knock the top corporate rate down from 35 to 25 percent.
“When you open up tax reform, you always bring to the table a lot of entrenched interests. And the question is: Can you manage that process politically? And can you make a compelling argument that what you are advocating for is a significant improvement, not only for the taxpayer but also for the economy?” posited Phil English, former Republican Lawmaker — according to Bloomberg Business Week.
“There are risks involved. There are challenges in messaging. But this is precisely the kind of process that should be in the Republicans’ core, should be in their area of expertise,” said English of the effort needed to convince some members of the Republican party.