Tax code far larger than the Bible spurs reform push
A federal watchdog reports the U S tax code at about 4 million words, driving over 6 billion hours of compliance annually. Congress eyes reform amid heavy lobbying as millions rely on deductions and credits, while debates focus on which breaks to curb.
MENTIONED IN THIS ARTICLE
Washington
U.S
United States
Nina E. Olson
National Taxpayer Advocate
Big U.S. tax breaks save individuals about 1.1 trillion
Congressional estimates show Americans will reduce their tax bills by about 1.1 trillion this year through major credits deductions and exemptions. Top saves include employer health premium exclusions 181 billion and tax sheltered retirement plan values 165 billion. Other large items include mortgage interest 101 billion and favorable long term capital gains rates 84 billion.
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U.S
Dave Camp
House and Ways and Means
Camp
Capitol Hill
Joint Committee On Taxation
Congress
Obama
Obama Cabinet begins to take shape
A White House official said Labor Secretary Hilda Solis will depart as three other Cabinet members Eric Holder Kathleen Sebelius and Eric Shinseki plan to stay on ensuring diversity in the leadership team. Kerry Hagel Lew are tapped for top posts as Obama shapes a diverse second term cabinet.
MENTIONED IN THIS ARTICLE
Washington
Barack Obama
Hilda Solis
Obama
Solis
California
Department
White House
Eric Holder
Health and Human Services
Kathleen Sebelius
Veterans Affairs
Eric Shinseki
Holder
Sebelius
Shinseki
Defense
Treasury
U.S
John Kerry
Massachusetts
Nebraska
Chuck Hagel
Pentagon
Jack Lew
EPA
Lisa Jackson
Energy
Steven Chu
Ken Salazar
Transportation
Ray LaHood
Kansas
Justice Department
Clinton
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