US House tax writer vows tax reforms

Nov 16 2012, 18:01 IST
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Summary'We intend to move a comprehensive tax reform bill in 2013'

of Americans, but allowed to expire for the wealthiest 2 percent. Republicans want to extend the low rates for all.

Both sides agree more government revenue is needed to lower the budget deficit, but Republican leaders have said their party will not consider tax rate increases to accomplish that. Instead, they favor tax reform and tax cuts, saying these steps would spur the economy and boost government tax revenues.

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