By Charles Riley | CNNMoney.com
Pretty much everyone in Washington agrees that the tax code is complicated, inefficient and -- in general -- a major drag.
Perhaps the best chance for reform is a 2012 election that delivers a mandate of change to lawmakers.
Every presidential candidate has a plan -- and they vary from a series of mild tweaks to major overhauls.
In general, the Republican plans are more aggressive, but would result in lower revenue levels that would have to be offset with spending cuts if soaring deficits are to be avoided.
Meanwhile, President Obama is the only candidate talking about raising taxes.
CNNMoney breaks it down.
Ron Paul: The Texas congressman, who has attracted an enthusiastic following of young people and libertarians, wants to repeal the 16th amendment to the Constitution, which established the government's right to tax income.
"As president, Ron Paul will support a Liberty Amendment to the Constitution to abolish the income and death taxes," his website says. "And he will be proud to be the one who finally turns off the lights at the IRS for good."
He would immediately repeal capital gains taxes, which the candidate says "punish you for success" and "interfere with your efforts to hedge against inflation by purchasing gold and silver coins."
He would repeal the 1993 Social Security tax increase, and work in the long run to exempt Social Security benefits from taxation. Paul would drop the corporate tax rate to 15%.
While he would like to move to a flat tax or fair tax, Paul also suggests something of a back-up plan:
"Restraining federal spending by enforcing the Constitution's strict limits on the federal government's power would help result in a 0% income tax rate for Americans," his website says.
Mitt Romney: The former Massachusetts governor's plan for the tax code is the least aggressive of the Republican candidates still in the race... read more.
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