Daily Tax Update - July 31, 2013: Camp Weighs Michigan US Senate Bid in 2014

Camp Weighs Michigan US Senate Bid in 2014:  House Ways and Means Committee Chairman Dave Camp is considering running for the Senate in 2014.  Democratic Michigan Senator Carl Levin has announced that he will not seek re-election.  Camp said, “It's something I'll take a serious look at, but obviously no decisions have been made.”  Camp said that he had spoken with Senate Minority Leader Mitch McConnell about a possible bid and said that “I’m just starting to think about it.”  Camp also said that he had no timeline for getting into the race for the seat.  Camp added, “I'm just moving forward on tax reform right now, and there's a lot to do yet.”  When asked if a statewide campaign would make a tax overhaul more difficult, Camp responded, “Is that possible?”  This is the last year that Camp can serve as Chairman of the Ways and Means Committee because of party-dictated term limits for retaining a chairmanship.

Obama Nominates Federal Reserve Governor Raskin for Treasury Deputy Secretary:  President Obama announced he would nominate Federal Reserve System Governor Sarah Bloom Raskin as Deputy Secretary of the Department of Treasury. 

Tax Bills Introduced July 30:

1. [113rd] H.R.2854 : To amend the Internal Revenue Code of 1986 to make permanent the deduction of State and local general sales taxes.
Sponsor: Rep Hastings, Doc [WA-4] (introduced 7/30/2013)      Cosponsors (19) 
Committees: House Ways and Means 
Latest Major Action: 7/30/2013 Referred to House committee. Status: Referred to the House Committee on Ways and Means.


2. [113rd] H.R.2862 : To amend the Internal Revenue Code of 1986 to allow a temporary dividends received deduction for 2013 or 2014.
Sponsor: Rep Matheson, Jim [UT-4] (introduced 7/30/2013)      Cosponsors (None) 
Committees: House Ways and Means 
Latest Major Action: 7/30/2013 Referred to House committee. Status: Referred to the House Committee on Ways and Means.


3. [113rd] S.1395 : A bill to amend the Internal Revenue Code of 1986 to permanently extend and expand the charitable deduction for contributions of food inventory.
Sponsor: Sen Leahy, Patrick J. [VT] (introduced 7/30/2013)      Cosponsors (3) 
Committees: Senate Finance 
Latest Major Action: 7/30/2013 Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.