House GOP Pushes To Slash Tax Code, Cut Taxes, Shrink IRS

By Michael Macagnone (June 24, 2016, 12:39 PM EDT) -- House Republicans unveiled a set of sweeping tax reforms Friday, pledging to cut tax rates, eliminate deductions and substantially reduce the size and scope of the Internal Revenue Service as part of a series of large-scale policy reforms proposed in recent weeks.

The plan, announced by House Speaker Paul Ryan, R-Wisc., Ways and Means Committee Chair Kevin Brady, R-Tex., and other House leaders, eliminates deductions and estate taxes, cuts individual and business tax rates and reduces the size and scope of the IRS. Brady said the changes, intended to simplify the tax code and encourage investment, would keep government revenues neutral....

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