A number of proposals for comprehensive tax reform are brewing on Capitol Hill. House Ways & Means Committee Chairman Dave Camp, R-Mich., has released a discussion draft of legislation to streamline the taxation of financial products. Sen. Richard Shelby, R-Ala., has introduced a bill that would replace the current tax code with a flat tax of 17% with four major exemptions. There is also a measure to replace the income tax with a national sales tax.

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