Presidential Hopefuls Tackle Out-of-Control Tax Code
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If you waited until the last minute to file your taxes, you probably haven't recovered yet.
America's tax code is a mess and a lot of 2016 hopefuls want to do something about that.
The last day for filing taxes has created an annual political ritual of leaders from both parties calling for some sort of change in the tax code. But this year, with a crowded field of 2016 Republican presidential contenders, there are loud calls to liberate Americans and American business from the heavy burden of taxes.
On April 15, many Americans get their annual lesson in just how Byzantine and out of control American's tax code has become.
Today the tax code is over 74,000 pages. That's 187 times longer than a century ago, according to a study reported in the Washington Examiner. Most of the tax code's growth has taken place over the past 30 years.
Not surprisingly, Republicans are talking about tax reform -- like a flat tax rate of 17 percent.
Presidential candidate Marco Rubio, R-Fla., is calling for a top rate of 35 percent for the wealthiest Americans, and 15 percent for those making less than $150,000 a year -- while cutting the tax rate for businesses from 35 to 25 percent.
"We have a tax code, for example, that has the highest combined corporate tax rate on the planet," Rubio said.
Republicans want to repeal the estate tax -- something President Barack Obama opposes.
The president was also pushing his own middle class tax breaks in North Carolina this week, saying "the idea that we do best when everybody's getting their fair share."
The Republican leadership wants to rein in the IRS, too
"This week we'll pass a series of bills to stop the IRS abuses and help the hardworking taxpayers," House Speaker John Boehner, R-Ohio, said.
One study found that if the tax code continues to grow at the pace it did over the last century, it will pass 100,000 pages in 2050.
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