Over the weekend President Obama directed his team to begin considering options for a massive overhaul of the U.S. tax code. Officials say that it is part of the president’s long term plan to fix the deficit. If there’s anything our country needs, it’s a simplified tax code. Let’s just see if he can get the job done.
From Bloomberg.com:
No decisions have been made about what options to pursue or a timeline for presenting a plan to lawmakers, said the official, speaking on condition of anonymity because no formal action has been taken. Any changes likely would take years to implement.
Obama said this week that revamping the nation’s tax system will have to be considered to deal with budget deficits and make the tax code more “fair” and “efficient.”
“The idea is simplifying the system, hopefully lowering rates, broadening the base,” Obama said in an interview yesterday with NPR News. “What I believe is, is that we’ve got to start that conversation next year.”
The administration is focusing on the issue as Congress debates measures to extend tax cuts set to expire at the end of the year and the president considers a report by his commission on reducing the federal deficit, which included recommendations to change tax laws.