Taxes

Lobbyists Back Rep. Dave Camp’s Plan To Hitch Tax Reform to Debt Ceiling Bill

| by Sarah Fruchtnicht
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The tax lobby is in full support of linking a tax reform deadline to the debt-ceiling bill, as proposed by House Ways and Means Committee Chairman Dave Camp (R-Mich).

“We could talk tax reform to death,” said John Guzik, a founding partner at Franklin Partnership. “This forces both chambers to act.”

Camp’s plan would saddle the bill to increase the $16.7 trillion debt ceiling with tax breaks for corporations and the highest earning individuals.

Politico reported ealier this month that the plan to vote on the debt ceiling by Sept. 30 could include many “conservative goodies,” such as the Keystone XL pipeline and reform to entitlements and tax rates.

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Democrats have insisted, however, that they will not pass any debt ceiling legislation that isn’t free of all other provisions.

Guzik, who served as chief of staff to Camp for a decade, is hopeful that the November election will help to fast-track the process.

“They don’t work in the Capitol without a deadline,” Guzik told The Hill. “I know there are a lot of people who would prefer the Ways and Means Committee to move expeditiously to get tax reform done.” 

“Trying to include fast track for tax reform does help the process by providing a high-profile public discussion of the need for tax reform,” a Democratic tax lobbyist told The Hill, in agreement with Guzik.

However, parties are divided over the spending of tax breaks. Democrats believe reform should generate $1 trillion in federal revenues, while Republicans want those breaks to be used to lower the tax rate.

“The policy issues aren’t that complicated, but the political hurdle of sitting down one-on-one around the table and working out an agreement — it’s not easy,” Sen. Ben Cardin (D-Md.) told The Hill.

Sources: The Hill, Politico