House tax-writer to announce plan for overhaul
The Republican chairman of the House Ways and Means Committee is expected to outline his plan for overhauling the tax code on Wednesday, but the Senate Republican leader says there's no hope it will be enacted this year.
Representative Dave Camp of Michigan has been work on the plan for the past three years. A Republican aide says it would cut income tax rates but impose a new surtax on some high-income families. The top rate for most families would come down from 39.6 percent to 25 percent, while imposing a 10 percent surtax on some earned income above about $450,000.
Senate GOP Leader Mitch McConnell says Democrats are trying to use the issue to raise $1 trillion in revenue, and that is sure to scuttle the legislation. McConnell says overhauling the tax code should make the nation more competitive, not raise more money for the government.
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