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All sides say there is a need for tax reform, but House Ways and Means Committee Chairman Dave Camp, Michigan Republican, rejected Mr. Obama’s call to raise hundreds of billions of dollars by raising the estate tax, imposing a new minimum tax on millionaires and limiting deductions and loopholes.

Mr. Camp said the president’s plan doesn’t free up money for the private sector to invest.

“The president’s proposal isn’t the real reform we need, and it doesn’t go nearly far enough to address the needs of all job creators,” he said.