House Ways and Means Committee Chairman Dave Camp said his panel will pass a new and comprehensive tax reform package in 2013, Reuters reports.
Camp promised the panel will move on the tax reform bill no matter what, according to the story from Kevin Drawbaugh and Patrick Temple-West.
According to the report, the country’s tax code has become full of loopholes since the last major tax reform took place in 1986.
Camp said that reform effort required leadership from then-President Ronald Reagan and any reform effort will require leadership from the Oval Office.
Aside from a full-scale overhaul of the existing tax code, Camp also said he has a corporate tax plan, according to Reuters.