Letter: Camp-Baucus has it right
President Obama interrupted his scheduled fund-raisers and planning his two-week vacation to rail against tax inversions.
Sen. Jeanne Shaheen is co-sponsoring lame election year legislation that would delay inversions but in reality will go nowhere as it is unlikely to garner the 60 minimum votes needed to proceed.
The real sad story is that Congressman Dave Camp, chairman of the House Ways and Means committee, has been working for four years on comprehensive individual and corporate tax legislation.
For three years he worked closely with his senate counterpart, Sen. Max Baucus. Baucus resigned his seat to take the post of ambassador to China in frustration over the lack of legislative progress.
The new Senate finance chairman, Ron Wyden, is learning to accept the same frustration.
The proposed IRS code overhaul, is revenue neutral in that it funds the rate reductions with the closure of “loopholes” for individuals and corporations.
The stumbling block for serious tax reform is Senate Majority Leader Harry Reid and President Obama. They want higher taxes and more income redistribution. The time has come for Shaheen to stop playing partisan politics and work to support the bipartisan tax reform based on the Camp-Baucus outline.
Camp-Baucus would end the necessity of tax inversions and simulate the economy much the way Ronald Reagan’s 1986 tax code revision did.
ROBERT C. WASHBURN