Tax deadline approaches with no reform on the horizon

Tax-rate increases that were passed in early 2013 have high-income earners paying even more this year, as the deadline to file comes Tuesday. The top 1% of Americans will pay an estimated 1.3 percentage points more in overall federal taxes this year, up to 29.3% of total federal tax revenue, according to the Tax Policy Center. The probability of legislation passing soon in Congress to reform the tax code is not promising, as the policies proposed by neither House Ways and Means Committee Chairman Dave Camp nor the president have garnered enough support, John McKinnon writes.

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