Top House tax writer to outline financial instruments

WASHINGTON Wed Jan 23, 2013 6:31pm EST

WASHINGTON (Reuters) - The top Republican tax writer in the House of Representatives is close to releasing a draft on ways to revamp corporate taxes levied on complex financial products, a committee aide said on Wednesday.

The proposal, expected as early as this week, will come from House Ways and Means Committee Chairman Dave Camp, whose panel has been exploring a broad tax code overhaul for more than a year.

Camp wants to slash the top corporate tax rate to 25 percent from 35 percent and simplify the code. Critics of the current corporate tax system note that the United States has one of the steepest corporate tax rates in the world.

Most companies do not pay the top rate, after deductions and other tax breaks. But both parties agree, including Democratic President Barack Obama, that the official rate should be cut.

(Reporting by Kim Dixon; Editing by Kevin Drawbaugh and Diane Craft)

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