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Although House Republicans are set to pass their bill setting tax overhaul procedures for next year, many believe Camp will not introduce legislation to rewrite the tax code unless political leaders can reach a broad deficit reduction agreement that includes cuts to entitlement programs.
Some say Congress could end up tweaking the tax system to at least reduce economic uncertainty. “Just solving the temporary nature of the code could theoretically be called reform,” said one former Democratic tax staffer who is now a lobbyist.