Congress can make progress toward revamping the U.S. tax code this year and shouldn’t wait until after the November election, said Representative Dave Camp, chairman of the House Ways and Means Committee.
The U.S. economy will grow this year at its fastest pace since 2005, helping reduce the annual average unemployment rate for a fourth straight year even as market borrowing costs rise, the Obama administration predicted.
President Barack Obama’s budget plan moves the spotlight away from reducing U.S. deficits and instead seeks new spending to energize the Democratic base and give incumbents a job-creation platform for November’s midterm elections.
The word repeal appears 278 times in the summary of Representative Dave Camp’s ambitious plan to revamp the U.S. tax code. Credit unions and pipelines are among the businesses relieved that the slashing doesn’t apply to them.
A Republican proposal to revise the U.S. tax code will benefit large banks by helping them stanch job losses within the industry, said Representative Kevin Brady, the chairman of Congress’s Joint Economic Committee.
Representative Kevin Brady of Texas, chairman of the Joint Economic Committee, said in an interview on Bloomberg Television’s “Political Capital with Al Hunt,” airing this weekend, that a Republican plan to revise the U.S. tax code will benefit large banks by helping them stanch job losses within the industry.