Camp Sets Release of Draft Tax Changes for Small BusinessRichard Rubin
Representative Dave Camp, the chairman of the House Ways and Means Committee, will release proposed changes to tax rules for small businesses tomorrow, the panel said.
Camp, a Michigan Republican, has said his committee will pass a revision of the tax code this year that will lower tax rates and broaden the tax base.
Many small businesses -- and some larger ones -- pay taxes on their profits under the individual tax code, with marginal rates as high as 39.6 percent. Corporations pay a 35 percent top rate and shareholders are subject to a second level of tax on dividends.
In a meeting with reporters last week, Camp said that changes to corporate taxation would pay for a lower corporate rate. Changes to individual taxes and to businesses taxed as individuals would pay for lower individual rates, he said.
Camp has released discussion drafts of potential changes to international taxation and taxes on financial products.
The chairman has planned a meeting with reporters for 1:30 p.m. tomorrow in Washington. The schedule may be adjusted because of an expected snowstorm.