Dave Camp RSS Articles

Camp Leads Hearing on the Interaction of Tax and Financial Accounting on Tax Reform

Wed, 08 Feb 2012 05:00:00 GMT

Congressman Dave Camp (R-Midland, MI), Chairman of the Committee on Ways and Means, today led the Committee in the first of two hearings on how accounting rules affect how businesses evaluate tax policy. This hearing focused on the interaction of tax policy and financial accounting rules (such as Generally Accepted Accounting Principles, or “GAAP”), and how this interaction affects publicly-traded companies’ response to tax policy. The second hearing will focus on the special challenges faced by small and closely-held businesses that are less concerned with GAAP but must confront tremendous complexity in dealing with tax accounting and related rules, such as choice of entity.

In his opening statement Camp said, “Today, the current top Federal corporate income tax rate in the United States is 35 percent, and the average combined Federal-State corporate income tax rate is 39.1 percent, second only to Japan’s 39.5 percent rate. However, in fewer than 60 days – effective April 1, 2012 – Japan will lower its combined corporate tax rate to 38 percent. That will leave the United States with the highest corporate tax rate in the entire industrialized world. This dubious distinction will make it that much more challenging to attract businesses to hire and invest here at home where we need jobs.”

View Congressman Camp’s opening statement here.

Currently, publicly-traded companies and other businesses that rely on outside investors must prepare financial statements (e.g., balance sheets and income statements) in conformity with GAAP. The impact of federal tax liability on certain key GAAP calculations, however, can diverge significantly from a company’s actual cash tax liability. The large and growing number of enacted and proposed temporary business tax incentives and other provisions creates planning and economic uncertainty for public and private companies alike, and diminishes the intended policy objectives of these provisions. As a result, companies across the business community have identified the need to bring stability to our tax laws as a key tax reform objective.

“A subsequent hearing will look at the special challenges faced by small and closely-held businesses that might be less concerned with GAAP but must confront tremendous complexity in dealing with tax accounting and related rules such as choice of entity,” said Camp.

“Washington Notebook” Features Congressman Camp, Stephen Ayers

Tue, 07 Feb 2012 05:00:00 GMT

The most recent episode of "Washington Notebook" with Congressman Dave Camp (R-Midland, MI) features the Architect of the Capitol Stephen Ayers. Camp and guest Ayers discuss the role of the AOC, a brief history of the Capitol Building, Statuary Hall and Michigan's most recent edition of former President Gerald Ford.

You can view the episode at: http://youtu.be/KwqYG67xuMA.

Camp Leads Hearing on American Energy and Infrastructure Jobs Financing Act

Fri, 03 Feb 2012 05:00:00 GMT

Congressman Dave Camp (R-Midland, MI), Chairman of the House Committee on Ways and Means today led the first hearing of H.R. 3864, the “American Energy and Infrastructure Jobs Financing Act of 2012.” If enacted, this legislation will reauthorize through September 30, 2016 expenditure authority for the Highway Trust Fund (HTF) and extend through September 30, 2018 the current Federal excise taxes that fund the HTF.

In his opening remarks Camp stated, “We all can agree that funding improvements to the nation’s infrastructure is vitally important to creating and sustaining economic growth and promoting commerce. As such, I believe that this is an issue that can and should be addressed in a bipartisan manner.

Cities and towns depend on a strong infrastructure as a way to ensure that they can attract businesses to locate in their communities and create jobs. In my home state of Michigan, where unemployment remains well above the national unemployment rate, having a safe and reliable transportation system can provide a strong foundation for attracting business development. However, we must approach infrastructure spending in a fiscally responsible way, and H.R. 3864 accomplishes that goal."

View his full opening remarks as prepared here.

H.R. 3864 also would restructure the funding sources for the Highway Account and Mass Transit Account that comprise the HTF, and deposit certain non-tax revenues into the HTF without increasing the deficit. According to the Joint Committee on Taxation, H.R. 3864 would have no effect on Federal revenues because the bill would not increase or decrease any of the current Federal excise tax rates that fund the HTF. A summary of the provisions of H.R. 3864 follows.

Camp Statement on Latest Unemployment Report

Fri, 03 Feb 2012 05:00:00 GMT

Congressman Dave Camp (R-Midland, MI), Chairman of the House Ways and Means Committee, made the following statement in response to the January unemployment report from the Department of Labor. A net total of 243,000 jobs were created and the unemployment rate for January was 8.3 percent.

“This is an encouraging report, but there is still much more to do. We must continue to work to create an environment ripe for the economic growth and job creation we need to get the 9.3 percent of unemployed Michigan residents, and the nearly 13 million unemployed Americans across our nation back to work.”

Camp Statement on CLASS Repeal

Wed, 01 Feb 2012 05:00:00 GMT

Congressman Dave Camp (R-Midland, MI), Chairman of the House Ways and Means Committee, made the following statement after the House of Representative passed H.R. 1173, to repeal the CLASS program.

"Today, the House took steps to repeal yet another poorly-designed and unworkable piece of the Democrats' health care law. Opposition to the CLASS program is bipartisan, and includes employers, seniors and fiscal watchdog groups. This program is nothing more than a budget gimmick, and the Administration admitted as much when they halted its implementation. I commend Ways and Means Committee Member Charles Boustany, who introduced this repeal bill, for his hard work on this important legislation. I urge Senate to quickly pass this important legislation to protect taxpayers in the future.”

In addition to House-passed repeal of the CLASS Act, all repeals enacted into law are a result of efforts at the House Ways and Means Committee. Those repeals include:

• Repealing the 1099 IRS reporting provision (PL: 112-9),

• Reducing wasteful and fraudulent overpayments of taxpayer-funded subsidies (PL: 112-9), and

• Striking the Democrats' overly-generous eligibility criteria for Medicare and other taxpayer-funded subsidies to align eligibility with other federally-means tested programs (PL: 112-56).

Camp, Huizenga, Benishek Applaud USFS Decision to Allow Hunting and Snowmobiling in Huron-Manistee National Forest

Tue, 31 Jan 2012 05:00:00 GMT

Congressmen Bill Huizenga, MI-02, Dan Benishek, MI-01, and Dave Camp, MI-04, today applauded the U.S. Forest Service’s final decision to continue to allow firearm hunting and snowmobiling on 66,000 acres of Huron-Manistee National Forest.

The Michigan Representatives submitted a comment last year to the USFS urging them to allow hunting and snowmobiling to continue in the Huron-Manistee National Forest.

“Hunting and snowmobiling are an integral part of Michigan’s culture and economy. I am pleased the Forest Service sought to protect the rights of hunters and snowmobilers to enjoy Michigan’s abundant natural wonders. Keeping the Huron-Manistee National forest open for these uses will be a boon to Michigan’s outdoor enthusiasts, tourists, and the economy alike,” said Camp, Chairman of the House Committee on Ways and Means.

“As a national forest, this is the people’s property, and they have every right to enjoy its uses, including through snowmobiling and hunting, which falls under the Constitutionally-protected 2nd Amendment right to bear arms. I am glad the Forest Service did not let a small minority restrict access for the majority that responsibly enjoys the bountiful national resources the forest provides, and I hope the courts agree with us,” Huizenga said.

“I am pleased the National Forest Service has decided to protect the rights of hunters and snowmobilers to responsibly utilize the Huron-Manistee National Forest. These recreational activities are part of Northern Michigan’s rich outdoor tradition and play an important role in our state’s economy,” said Benishek, a general surgeon who serves on the House Committee on Natural Resources.

The Huron-Manistee National Forest is the sole national forest in the Lower Peninsula, and snowmobiling, hunting and fishing are vital parts of the tourism and commerce in the area.

Once the Record of Decision and associated documents have been released to the public, a Notice of Availability will be published in the Federal Register and the newspaper of record, which will begin a 45-day appeal period. The Forest Service will notify the public by news release and website posting when the Notice of Availability has been published.

For additional information regarding the Record of Decision or the FSEIS, contact the public affairs officer for the Huron-Manistee National Forests, Kenneth Arbogast, at (231) 775-5023, Ext. 8726, or karbogast@fs.fed.us.

Camp, Baucus: Obama Administration Should Pressure China on Currency

Tue, 31 Jan 2012 05:00:00 GMT

Congressman Dave Camp (R-Midland, MI), Chairman of the House Ways and Means Committee, and Senate Finance Committee Chairman Max Baucus (D-MT) called on the Obama Administration today to pressure China to stop unfairly undervaluing its currency at the upcoming World Trade Organization (WTO) symposium in March.

In a letter sent to Treasury Secretary Tim Geithner and U.S. Trade Representative Ron Kirk, Camp and Baucus noted that China has actively blocked currency undervaluation discussions at the WTO. The letter makes clear China's unfair trade practices, including its currency undervaluation, cost U.S. jobs.

“China continues to undervalue its currency, providing an unfair advantage to Chinese exporters and harming U.S. manufacturers and their workers,” Camp and Baucus wrote. “China will not end its currency undervaluation unless the U.S. seizes opportunities like this to insist it does. Expanding and intensifying discussions at the WTO can further this effort and bring significantly more pressure to bear on China.”

According to a recent analysis by the IMF, China’s yuan is undervalued relative to the dollar by as much as 23 percent. China's unfair trade practices have contributed to the growth of the U.S. trade deficit by nearly $200 billion dollars since 2001. In their letter, Camp and Baucus urged the Administration to address these issues at the upcoming symposium of the WTO Working Group on Trade, Debt and Finance in order to continue the pressure on China to end its unfair practices.

The full text of the Chairmen’s letter can be found here.

Camp Named Chairman of Conference Committee

Tue, 24 Jan 2012 05:00:00 GMT

The House-Senate conference committee tasked with resolving differences between the chambers’ versions of a package to extend the payroll tax cut, extend unemployment insurance benefits and prevent a deep cut in Medicare reimbursements for doctors held their first hearing today. Congressman Dave Camp (R-Midland), Chairman of the Ways and Means Committee, introduced the House version H.R. 3630, The Middle Class Tax Relief & Job Creation Act, in December.

In his opening statement Camp stated: “The biggest issue I see is that the House, and only the House, has put forward a plan to extend for one year the payroll tax holiday, unemployment insurance benefits and payments to doctors treating our nation’s seniors and those enrolled in Medicare. The Senate’s position gets us through February, and this has left every working American wondering what their taxes will be next year.”

View Congressman Camp’s full opening statement here.

Camp was chosen to lead the 20 conference committee members responsible for negotiations along with Vice-Chairman Sen. Max Baucus (D-MT). The committee will meet again on Wednesday, February 1, 2012.

Camp Statement on President’s State of the Union Address

Tue, 24 Jan 2012 05:00:00 GMT

Congressman Dave Camp (R-Midland, MI), Chairman of the Ways and Means Committee made the following statement on Tuesday evening in response to President Obama’s State of the Union address:

“Instead of focusing on tax reform that can create jobs, the President spent his time talking about how he intends to take more money away from employers, investors and savers in order to create new carve-outs for the few industries and projects favored by his administration. That is nothing more than the usual Washington game that has led to a tax code already littered with lobbyist loopholes. Washington needs to get out of this game of picking winners and losers and instead treat all Americans and employers fairly. At the end of the night, there was still no coherent plan for tax reform that will create a stronger and growing economy with more jobs for American families.

“Equally disappointing was the President’s short shrift to Medicare and Social Security, two critical programs that are already going broke and without reform will leave our nation’s seniors in jeopardy. He spoke as much about Warren Buffett tonight as he did about Medicare and Social Security.”

Camp sides with Labor, Energy Experts and Job Creators– President’s Decision on Keystone Was Wrong

Thu, 19 Jan 2012 05:00:00 GMT

Washington, D.C. -- Yesterday, the president put the interest of his own job ahead of jobs for the American people by terminating the Keystone oil pipeline project. In response, labor organizations, the energy sector, employer communities, congressional leaders and some of our strongest trading partners have decried the job-killing move.

“President Obama’s decision regarding Keystone is unconscionable. Americans have endured three years of the Obama administration, the failed policies, the reckless spending and the continual disregard for what America needs to get our economy growing and employers hiring. This isn’t a partisan issue, this is a jobs issue. Labor organizations support it, the states bordering it support it, and even the President’s Jobs Council says that projects like this could create hundreds of thousands of American jobs. The president’s move weakens our economy and strengthens the hand of the Chinese,” said Congressman Dave Camp (R-Midland, MI), Chairman of the House Committee on Ways and Means.

Canada, America’s largest trading partner, says the uncertainty will cause it to intensify efforts to sell more crude to China. Canadian Prime Minister Stephen Harper said he expressed in a phone call with Obama his “profound disappointment” with the rejection, and that “Canada will continue to work to diversify its energy exports,” following years of strong support in Washington for the project.

Harper was not alone. Laborers’ International Union of North America President Terry O’ Sullivan decried the move stating, “The score is Job-Killers, two; American workers, zero. We are completely and totally disappointed. This is politics at its worst. Once again the President has sided with environmentalists instead of blue collar construction workers – even though environmental concerns were more than adequately addressed. Blue collar construction workers across the U.S. will not forget this...Instead of celebrating their victory by hugging a tree they should hug a jobless construction worker because they’re the ones who are going to need it.”

American Petroleum Institute President & CEO Jack Gerard, stated “[T]he Keystone XL pipeline would create 20,000 new U.S. construction-related jobs over the next two years. More importantly, it would help support the creation of half-a-million new jobs by 2035. But today … in a clear abdication of presidential leadership, the president will reject the Keystone XL pipeline. How can you say you are for jobs and reject the largest shovel-ready project in America today? Mr. President, what are you thinking?”

SBE Council President & CEO Karen Kerrigan, a business leader in the small business community, said, "America's workers and small businesses need Keystone XL. The project was set to create 20,000 immediate jobs and 118,000 spin-off jobs in businesses of all sizes. The pipeline was proven to be environmentally safe. A three-year, comprehensive environmental assessment from the State Department found that Keystone will have 'limited adverse environmental impacts' during its construction and operation. The best entrepreneurs and workers in the world, using the best technology, were ready to work on this critical project. Make no mistake; nobody is fooled by the invitation allowing TransCanada to 'reapply' after the Nebraska route has been selected. This is a huge blow to America's economic, energy and national security interests.”

And U.S. Chamber of Commerce President Tom Donohue condemned President Obama’s decision as “hard evidence that creating jobs is not a high priority for this administration. The President’s decision sends a strong message to the business community and to investors: keep your money on the sidelines; America is not open for business. By placing politics over policy, the Obama administration is sacrificing tens of thousands of good-paying American jobs in the short term, and many more than that in the long term.”

Camp and his colleagues in the House have sent a resounding message on behalf of the Americans looking for work back to the White House – job creation will not wait. Fellow Michigan Congressman Fred Upton (R-St. Joseph, MI), Chairman of the House Energy and Commerce Committee, has asked Secretary of State Hillary Clinton to testify next week on the decision the day after the president delivers his third State of the Union.

“Republicans in Congress will continue to push this because it's good for our country and it's good for our economy and it's good for the American people, especially those who are out of work,” said Speaker Boehner.