The Senate Finance Committee met Tuesday to address the increasing national concern of corporate tax inversion and its negative impact on U.S. economy. Lawmakers were split along partisan lines when discussing whether relocated firms should be subject to punitive legislation.
The U.S. tax code is an overcomplicated mess. Despite most Americans feeling like it's pretty easy to do, each taxpayer takes an average of 13 hours to do their taxes.
In her most recent report to Congress, National Taxpayer Advocate Nina Olson notes that "tax expenditures" -- the exclusions, exemptions, deductions and credits that make the Internal Revenue Code such a bloated, bewildering behemoth -- total more than $1 trillion a year.
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