Monday, I reported that yet another American corporation, Medtronic, has chosen to move its headquarters abroad to avoid high tax rates. I ended the article by inquiring, “There is no denying that our federal tax code needs a major overhaul. The million dollar question is how?” Rep. Dave Camp (R-MI), Chairman of the Ways and Means Committee, has proposed a solution.
Remind me who it is again that is all chummy with the big banks…
It's a 979-page plan that, among other things, lowers marginal income tax rates, lowers the corporate tax rate, increases the standard deduction for individual and married couples, phases out certain tax breaks, consolidates other tax breaks, and reforms retirement savings plans.
If you have read Marco Rubio's An American Son, you will know that the Florida senator is nothing if not tenacious.