At first blush, the tax reform blueprint offered by House Ways and Means chairman Dave Camp seems likely to get lost in the divisions that roil the Republican Party.
Camp’s plan is too ambitious (and risky) for the party establishment. That’s why it is essentially a working paper and not a bill. GOP congressional leaders don’t want their members voting to trim or eliminate popular tax deduction ahead of the 2014 midterm elections. Neither do they welcome an elaborate discussion of whose taxes might be raised and whose might be cut.
Simultaneously, the plan is too timid for the Tea Party. Conservative groups weren’t exactly scathing, but they were restrained. FreedomWorks called it an “admirable failure.” The Club for Growth issued a statement that “salutes” Camp’s handiwork, while picking around the edges. Grover Norquist’s Americans for Tax Reform released a helpful list of fixes for the plan.
The main objections were that Camp’s blueprint didn’t go far enough in cutting taxes. It treats capital gains as ordinary income. It didn’t rely on dynamic scoring, that is, didn’t look at how tax policy changes economic behavior when estimating revenues. FreedomWorks’ Dean Clancy called for “massive tax cuts” and complained that Camp still left multiple rates in place.
Source: nationalinterest.org
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