Senators Consider Simpler Tax Code Without Revenue Implications, So Far

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Senate Finance Committee members from both parties meet to discuss simplifying the tax system to ease compliance and improve enforcement but leave without any decision on whether tax reform should raise more revenue. The unsettled question over neutrality or not aside, a committee document released in conjunction with the closed-door meeting signals a bipartisan willingness to consider numerous ways to make paying taxes easier, analysts say. Panel members also agreed to look at repealing the individual and corporate alternative minimum tax, as well as phasing out the personal exemption and itemized deductions and ensuring Internal Revenue Service regulation of tax return preparers, the paper says.