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Tax system reform
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It's ironic that after years of declaring the United States' antiquated tax system needs overhauling, members of Congress now appear ready to effect substantive changes -- in the midst of the most partisan rancor that has been seen in Washington in years. President Obama has already proposed a cut in the corporate tax rate to make U.S. companies more competitive, offsetting some of the cuts with an elimination of specialized tax breaks that have been ludicrous over a number of years. The Wall Street Journal has reported that House Ways and Means Committee Chairman Dave Camp, a Republican, and Sen. Max Baucus, the Democratic chairman of the Senate Finance Committee, have been working closely together on the possibility of a massive rewrite of the country's tax system.