US House Tax Chief Camp:GOP Tax-Cut Bill To Cost $384 Billion

–House Tax Chief Camp Says One-Year Bill Provides Needed ‘Certainty’
–Rep. Camp: Tax Cut Extension Provides ‘Bridge’ To Tax Reform

By John Shaw

WASHINGTON (MNI) – House Ways and Means Committee Chairman Dave
Camp said Tuesday that the House Republican tax-cut plan to extend the
Bush tax cuts for a year would cost $384 billion.

In a statement, Camp said the tax-cut extension package would give
small businesses and individuals “the certainty they need in these tough
economic times.”

Camp’s plan would extend the Bush era tax cuts and also provide a
two year patch for the Alternative Minimum Tax to prevent it from
substantially expanding its reach next year.

The House will vote on the Republican plan next week.

“The legislation provides a one-year extension of the low-tax
policies originally enacted in 2001 and 2003 and then extended again in
2010,” Camp said.

Camp also said the one year extension would serve as “the bridge to
tax reform in 2013.”

The House GOP tax-cut package will include a special procedure for
expediting the consideration of tax reform in 2013 in the House.

The Senate will hold a procedural vote Wednesday to formally begin
debate on a Democratic plan to extend for a year the Bush era tax cuts
only for those families making $250,000 or less.

** MNI Washington Bureau: 202-371-2121 **

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