House GOP leaders have reserved H.R. 1, prime legislative real estate, for the tax reform package that emerges from Camp’s panel.
Sen. Max BaucusMax BaucusThe mysterious sealed opioid report fuels speculation Lobbying World Even Steven: How would a 50-50 Senate operate? MORE (D-Mont.), the Finance Committee chairman, is also pursuing comprehensive tax reform, and Treasury Secretary Jack LewJack LewOvernight Finance: House GOP plans short-term spending bill | Senate Republicans not happy | Yellen intends to finish term Lew: Don't paint Wall Street execs with 'broad brushstroke' Dumping Obama’s faux foreign tax legislation should be high on Trump's to-do list MORE has also expressed an interest in the issue.
But Democrats and Republicans remain divided over whether the government should collect any more revenue after the fiscal cliff deal. Individuals now pay a top rate of 39.6 percent in the wake of the fiscal cliff deal, while the corporate rate tops out at 35 percent.
President Obama had also previously shown a greater interest in reforming the corporate tax code. Small business advocates have feared that, in a corporate-only reform, tax breaks their companies use would get tossed aside without the corresponding rate reduction.