Reply #9: Obama weighs effort to overhaul tax code

[dkf]

Obama weighs effort to overhaul tax code
Fri Dec 10, 2010 4:44pm EST

WASHINGTON (Reuters) - Democrats and Republicans should begin a conversation next year about a broad overhaul of the tax code that would involve lowering rates while eliminating tax breaks for favored groups, President Barack Obama said in an interview broadcast on Friday.

Obama said any effort to streamline the multilayered U.S. tax code would be challenging but if successful, it could set the stage for more robust growth.
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"So what I believe is, is that we've got to start that conversation next year. I think we can get some broad bipartisan agreement that it needs to be done. But it's going to require a lot of hard work to actually make it happen," he said.
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The New York Times reported on Friday that Obama had directed his economic team and Treasury Department analysts to study ideas for closing loopholes and eliminating deductions in corporate and personal income taxes.

The newspaper said the analysis of the corporate tax code was further along.

http://us.mobile.reuters.com/article/idUSTRE6B92C420101210?ca=rdt