Camp: We’re Simplifying Taxes to Grow the Economy

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Feb. 27 (Bloomberg) –- U.S. House of Representatives Ways and Means Chairman Rep Dave Camp discusses his tax code revamp with Peter Cook on Bloomberg Television’s “Street Smart.” (Source: Bloomberg)

This plan out, you would get fire from all sides.

Why did you do this?

Look, our economy is growing.

I will not accept a minimum wage economy.

I will not accept the fact that we are not creating jobs.

To grow this economy and create jobs.

One way to do that is through tax-free.

-- tax reform.

We need to help people and create jobs and make america a better place.

You are reducing the number of tax brackets from three.

You are also reducing the top rate on the corporate side and the individual side.

You are doing away with a lot of tax breaks.

You have industry folks, republicans and democrats in him and you over these changes.

Are you ready for that?

We are moving forward on this.

The top rate in america was the lowest in the world.

We go from 35-25. 99% of taxpayers will be a 25% or less.

We are moving forward.

To do that, we have to make trade-offs.

We can reform our tax code and do away with complexities.

We can reduce the code by 25%. 95% of americans will not be itemizing the small business owners.

Because we simplify and because the lower the rate, we can grow the economy by 20%. if we can get 20% growth, that translates to 2 million new jobs.

Jobs and the economy are the number one issue facing americans.

Americans want us to do something about it.

This is one way to do something about it.

It is wrote growth reform.

It is a sure way to get tax lobbyists running all over the the to undermine your lobbyists -- your efforts.

There is this tax on large financial institutions.

It sounds a lot like what the president proposed during the financial crisis.

Tell justification for targeting individuals?

Is fixed banks.

That it is six banks.

They are going from a 35% rate.

There are not a lot of loopholes to close.

They are getting a tremendous tax break.

It is unimportant trade-off.

If you are going to lower rates, and frankly many financial institutions will be better under this plan.

They will be better because the economy is going to grow.

A nonpartisan joint committee.

If we get growth, everyone does other.

As president kennedy said, a rising tide lifts all boats.

Some small guys who were hit by this set is a bad idea.

11 groups are against this.

This bill has broad support.

Lets the with the american people have to say about it.

People are hungry for jobs.

We cannot compete internationally because we have an outdated international tax cut.

We must allow those dollars to be brought back from overseas.

They must be invested here in the united states.

Some of that investment will be in infrastructure.

There are a lot of good things in the tax reform.

No bill is perfect.

We are open to hearing from people.

We have started walking through the tax code with republicans and democrats.

We will move forward on this.

We will divert money for infrastructure.

It is similar to what the president will forward on the table.

We have a tax on the wealthiest americans.

It felt like what we heard from president obama.

What a conscientious on your part?

Are you becoming a populist?

Glad i do not think infrastructure investment is a democratic issue.

A lot of republicans want to see the highway get funded.

That allows us to look at permanent solution.

We do not raise the gas tax and ask americans to contribute more, it is not exactly what president obama was suggesting.

In terms of financial institutions, we are quite different than what president obama was suggesting.

What is important is that we need to have a debate.

Most americans, business leaders and others say, times are good enough.

They do not think things will get better.

We need to restore the american dream and the belief that things will get better.

If we can grow the economy, we will increase income by $1300 each and every year.

It incomes go up, people buy houses and cars.

It is important that we move ahead.

We must make a detailed draft.

As i know how much effort you have put into this.

There are not very many people who have offered up a detailed plan like this.

Now you have your fellow house speaker.

Are you disappointed that he did not bring this to the floor?

I think that was dead and it passed.

There was a positive effect.

We are taking children out of poverty.

We need to be persistent around here.

Most americans think that things are not good enough.

We need to make things better.

As an attempt to do it.

-- this is an attempt to do it.

The american people sent us here to do that.

We need to try to make a difference.

That is one way to do it.

What would you say to your fellow house republicans who might support a lot of these ideas, but you are asking me to do this in an election year.

That is a tough decision.

Are you putting them on the spot?

Are we supposed to do nothing until the election is over?

People sent us to work here for two years.

We need to work here that entire time.

There's a lot of support from congress.

There are a lot of good things in this bill for the american people.

It we can do those things and simple by the code as well, we are right ahead of where we are now.

The white house put out a statement that i think is very much about how they want to work with us.

I spoke to the senate -- secretary of the treasury.

They are cooperating with us.

This thing is moving forward.

We are doing all the work to make that happen.

As you are a brave man to put this out here in a midterm election.

Thank you for joining us on

This text has been automatically generated. It may not be 100% accurate.

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