The Obama administration is investigating sweeping income tax code reform as a means of shrinking the deficit, the New York Times reports. President Obama has called on advisers to look into cleaning up the income tax code, ridding it of complexities and loopholes to make it more straightforward for both corporations and individuals. As the Times reports, an overhaul could rid the code of "its complex buildup of deductions, credits, and exemptions," allowing the government to collect on an expanded base ... and lower rates.
It could also soothe corporations concerned that the expense of complying with the current system is hurting their international competitiveness. Such reform could be politically difficult, prompting a fight from special interests. But advisers say it could also have political benefits, improving Obama’s relationship with the business community and building a message for the 2012 election—while allowing Democrats to make the first move on the matter.
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