August 9th, 2012
08:35 PM ET

Tax reform with benefits: Politicians caught up in hypocrisy over calls for simplifying the U.S. tax code

There are many things the Republicans and Democrats don’t agree on, but there is one thing that they do seem to find important tax reform.

General tax reforms call for eliminating deductions and credits as well as lowering tax rates. While both parties may believe that changes are necessary, they have different opinions on how to handle the reforms.

President Obama has said he wants to trim “spending in the tax code,” but he’s constantly rolling out tax preferences. And Sen. Marco Rubio (R-FL) recently created a bill that would give Olympians a special tax deduction on whatever cash accompanies their medals.

As Timothy Carney, senior political columnist for the Washington Examiner, puts it, “Will nobody give up their own tax carveouts until everyone else gives up theirs?”

OutFront tonight: Timothy Carney, Washington Examiner's senior political columnist.

Filed under: News • Politics • Power Failures
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