Obama’s Corporate Framework May Create Double Tax, Camp Says

President Barack Obama’s suggestion that businesses reporting income on individual returns could be taxed more like corporations amounts to a “double tax,” House Ways and Means Chairman Dave Camp said.

Camp, a Michigan Republican, made the comments today at a committee hearing in Washington that focused on how closely held businesses should be treated in a U.S. tax code overhaul. These firms pass through their income to the owner’s individual tax return, allowing them to pay taxes on that income at the individual rate instead of the corporate rate.