You've heard it all before: the U.S. tax code hasn't been updated since 1986; it's riddled with loopholes, giveaways and inefficiencies; our corporate tax rate is the highest in the developed world; companies spend billions of dollars or relocate their headquarters overseas just to avoid the tax morass; we're past due for an update; and our economy is sorely in need of a pro-growth jolt. Politicians of all parties agree on all of this. Reform is coming, and soon, we're promised.
That's been the steady drumbeat since the peak of the recession nearly a decade ago. So what's the holdup?
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