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No Compromise Likely On Tax Day

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Taxes are more of a sore point in re
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Taxes are more of a sore point in re

It's tax day, and President Obama's newly-released budget rekindled a debate on Capitol Hill about where tax rates should stand.

Lawmakers from both sides of the aisle agree that the complicated maze that is the U.S. tax code needs to be overhauled, but they're far apart on the details. In his budget, the president calls for raising revenue through the tax code.

Scott Rigell (R-Va.) brushes the idea aside, saying, "More spending, more taxes."

The president is also asking to trim entitlement programs, which is bringing him heat from his left. Gerry Connolly (D-Va.) says the olive branch the president extended needs to be reciprocated by the GOP in the form of raising revenue.

"This is pretty dramatic, so where are you? What are you prepared to do in response other than just take it as a gift? And that's not going to work," Connolly says.

Republicans argue that questions about revenue were already answered at the start of the year. That's when party leaders agreed to raise about $600 billion in taxes. Bobby Scott (D-Va.) says that deal is now forcing the president to look at entitlements.

"Why would you cut Social Security in order to pay for tax cuts?" Scott asks. "Why don't you leave the taxes where they are and you don't have to mess with Social Security?"

Today lawmakers from both parties will fan out, railing against the current tax code, but from the sound of the debate on Capitol Hill, it doesn't look like lawmakers are getting any closer to a deal.

So next year you can likely expect the same complicated tax code you're cursing today.

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