Camp Splits Tax Panel Into 11 Groups for Tax Revamp Work

Feb. 13 (Bloomberg) -- The U.S. House Ways and Means Committee will break into 11 bipartisan groups to work on details of a tax-code overhaul, said Representatives Dave Camp, the committee’s chairman, and Sander Levin, the top Democrat.

The groups, each led by a Republican with a Democrat as vice chairman, will focus on areas such as energy, financial services, education, manufacturing and retirement. In each area, the groups will conduct research and return with a report by April 15.

“These working groups will be one more way for the committee to gather the necessary information to produce the best possible legislation,” Camp said in a statement.

Camp, a Michigan Republican, has said the committee will advance a rewrite of the U.S. tax code this year that won’t raise additional revenue and will lower tax rates for individuals and corporations.

He has released discussion drafts of potential changes to taxation of foreign income of U.S.-based companies and financial products such as derivatives.

Levin, a Michigan Democrat, said in a statement that the research will allow for “in-depth fact-finding.”

Democrats, including Levin and President Barack Obama, want to rewrite the code to raise more tax revenue.

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