FILE - In this Feb. 3, 2012, file photo Republican presidential candidate, former House Speaker Newt Gingrich campaigns in Las Vegas. Politicians of all stripes in this election year are clamoring for simplifying the tax code and closing loopholes. But that would mean Americans could lose some of their prized deductions. Tax reform does sound like a good idea to lots of people, but where to start? Eliminate the deduction for home mortgages? End the write-off for charitable contributions? How about expanding the Social Security payroll tax? Not likely. In fact, none of the major tax overhaul proposals now on the table seems likely to be enacted given the current political situation in Washington and the country.
FILE - In this Feb. 3, 2012, file photo Republican presidential candidate, former House Speaker Newt Gingrich campaigns in Las Vegas. Politicians of all stripes in this election year are clamoring for simplifying the tax code and closing loopholes. But that would mean Americans could lose some of their prized deductions. Tax reform does sound like a good idea to lots of people, but where to start? Eliminate the deduction for home mortgages? End the write-off for charitable contributions? How about expanding the Social Security payroll tax? Not likely. In fact, none of the major tax overhaul proposals now on the table seems likely to be enacted given the current political situation in Washington and the country.
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FILE - In this Feb. 2, 2012 file photo, President Barack Obama speaks in Washington. Politicians of all stripes in this election year are clamoring for simplifying the tax code and closing loopholes. But that would mean Americans could lose some of their prized deductions. Tax reform does sound like a good idea to lots of people, but where to start? Eliminate the deduction for home mortgages? End the write-off for charitable contributions? How about expanding the Social Security payroll tax? Not likely. In fact, none of the major tax overhaul proposals now on the table seems likely to be enacted given the current political situation in Washington and the country.
FILE - In this Feb. 2, 2012 file photo, President Barack Obama speaks in Washington. Politicians of all stripes in this election year are clamoring for simplifying the tax code and closing loopholes. But that would mean Americans could lose some of their prized deductions. Tax reform does sound like a good idea to lots of people, but where to start? Eliminate the deduction for home mortgages? End the write-off for charitable contributions? How about expanding the Social Security payroll tax? Not likely. In fact, none of the major tax overhaul proposals now on the table seems likely to be enacted given the current political situation in Washington and the country.
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Tax Code Wikipedia Information
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White House Sees Buffett Rule More as a Guide
February 16, 2012
| New York Times
The Buffett Rule, which sets minimum tax rates for millionaires, is not in the president's budget plan because it would complicate the current tax code, the White House said....
Obama's Tax & Spend Budget for Fiscal Year 2013
February 15, 2012
| Wake up America
And the president is encouraging lawmakers to rewrite the tax code to eliminate the alternative minimum tax, which strikes many middle-class families, while requiring...
Tax Code Faces Another Year of Reckoning
February 11, 2012
| New York Times
For two decades, politicians have promised to make the tax code simpler and fairer, but this time they have a deadline of sorts, with the scheduled expiration of tax cuts. ...
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