The top Republican tax-writer in Congress proposed restructuring the U.S. tax code to eliminate dozens of breaks to pay for reductions in the corporate and individual rates.

The tax plan by House Ways and Means Committee Chairman Dave Camp would further limit the mortgage-interest break and end the deduction for state and local taxes, according to a nonpartisan congressional summary.

Republicans have spent the past three years promising to significantly reduce personal and corporate tax rates without increasing the budget deficit. Theyre about to show how.

Stanger was a primary author of a little-noticed piece of a 1978 tax law.Today, 401(k) is likely the most recognizable number in the Internal Revenue Code.

The Internal Revenue Service wont be able to answer millions of phone calls from taxpayers this year, Commissioner John Koskinen said Friday.

President Barack Obamas proposal for encouraging low-income Americans to set money aside in accounts with tax advantages is a limited step that may help bolster retirement savings.

The president urged Congress to back two priorities for U.S. multinational corporations: broader authority for his administration to negotiate trade deals, and changes to immigration laws.

John Boehner, Nancy Pelosi, Harry Reid and Mitch McConnell this week began their eighth year as the leaders running Congress.