Ways and Means sets up another tax reform discussion

American business leaders have also pressed for a tax overhaul, saying the current code is holding them back in the global marketplace.

All that said, the tax reform talks still appear to be in fairly early stages, and officials still have yet to really publicly discuss what tax credits and deductions could be eliminated to help pay for lower tax rates.

Thursday’s announcement came as the Obama administration is plugging away on its own corporate tax reform plan, and as lawmakers await that document’s release. Camp and others on Capitol Hill have said they expect the Treasury Department to release more of a corporate tax framework than a full plan.

For his part, Camp has also stressed repeatedly that he believes the corporate and individual tax codes should be revamped together, in large part because many businesses pay taxes as individuals. But the administration, while calling for individual tax reform, is currently concentrating most of its efforts on the corporate side. 

Across the Rotunda from the House, Sen. Max Baucus (D-Mont.), the chairman of the Finance Committee, has himself held regular hearings on tax reform.