Rep. Michele Bachmann, shown speaking at a reception by the anti-tax group Iowans for Tax Relief, was once a prosecutor for the IRS. On the campaign trail, she has made that part of her resume a selling point.

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President Reagan signs the Tax Reform Act of 1986. The bipartisan reform shifted a large part of the tax burden from individuals to corporations and also exempted millions of low-income households from federal income taxes.

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President Obama holds up a copy of his jobs bill as he speaks at Eastfield College in Mesquite, Texas. Obama is challenging a divided Congress to unite behind the bill or get ready to be run "out of town" by angry voters.

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The debt reduction supercommittee had its first public meeting Tuesday. It would take at least seven of the supercommittee's politically divided members to approve any plan they come up with.

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One part of the president's deficit-reduction plan, the "Buffet rule," is named after billionaire Warren Buffett who says high-income earners like him should pay more in taxes. Pablo Martinez Monsivais/AP hide caption

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