Tax Reform Must Wait

Tax Reform Must Wait: Chairman Camp’s Decision Better for Tax Reform in the Long Run.

Chairman Camp’s Decision Better for Tax Reform in the Long Run

House Ways and Means Chairman Dave Camp recently delayed moving forward with the most substantial tax code rewrite since 1986.

Thursday’s meeting with House Speaker John A. Boehner, Majority Leader Eric Cantor and Majority Whip Kevin McCarthy to discuss the legislative overhaul resulted as many predicted: the committee decided to table their plans for the time being.

Many attribute the postponement to a spiteful GOP reveling in the Affordable Care Act fiasco. However, Camp’s decision not to move forward with the bill is seen by many as the right move given the current status of the economy.

There are myriad issues facing the legislative overhaul, including the short congressional calendar and the ongoing negotiations in a House-Senate budget conference committee. Comprehensive tax reform is critical to support a strong long-term economy but pushing a bill too quickly will cause immeasurable damage to a fragile recovery. While the tax reform will address corporate and individual tax provisions, a hastily created bill will fall short of the full reform needed and will snuff out the chance to do so correctly.