Will you be hurt or helped by a tax system overhaul?


WASHINGTON (AP) - Congressional Republicans are planning a massive overhaul of the nation's tax system next year, a heavy political lift that could ultimately affect every American family and business.

Their goal is to simplify a complicated tax code that rewards wealthy people with smart accountants, and corporations that can easily shift profits and jobs overseas.

It won't be easy. Senate Majority Leader Mitch McConnell and House Speaker Paul Ryan have vowed to pass a tax package that would not add to the budget deficit.

That means for every tax cut there has to be a tax increase, creating winners and losers.

Congressional Democrats say they are eager to have a say in overhauling the tax code. But McConnell, a Kentucky Republican, is laying the groundwork to pass a purely partisan bill.

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