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Why Tax Brackets Aren't the Key to Simplifying the Tax Code

The devil is in the details.
Photographer: Daniel Acker/Bloomberg
Updated on

In the TurboTax era, simplifying the tax code has almost nothing to do with the number of tax brackets.

You wouldn't know that from listening to Republican presidential hopefuls, who are touting their plans based in part on how aggressively they tear up today's seven-bracket income tax structure for individuals.