Associated Press: “House Republican leaders are firm that they want to completely overhaul the tax system for businesses and individuals. They want to make the tax law simpler and more efficient, and they want the changes to endure beyond the next decade.”
“They want to cut tax rates, but they don’t want the changes to add to the federal government’s long-term debt. That means Congress would have to eliminate a lot of exemptions, deductions and credits, and probably come up with a new source of revenue.”
“The White House is all about tax cuts. Administration officials have talked about simplifying the tax system and getting rid of deductions, but have offered few specifics.”
