Obama's Tax Plan Is 'Step Forward,' But Not Enough, Key Republican Says

President Obama's proposal to cut the top corporate tax rate from its current 35 percent to 28 percent (and in some cases, to 25 percent) is "a good step forward and I welcome looking at the details," the chairman of the House Ways and Means Committee said today on Morning Edition.

But Rep. Dave Camp, R-Mich., added that he thinks the Democratic president "missed the boat by not addressing the fact that the U.S. is the only country ... left in the world" that taxes corporations twice for earnings from overseas. He's also hoping for "comprehensive" tax reform that goes beyond corporate taxes to include those on individuals.

Still, Camp told host Steve Inskeep that "I think it's important that at least a step" has been taken. Now, he hopes "it's more than just a document for the campaign."

Copyright 2012 National Public Radio. To see more, visit http://www.npr.org/.