The New York Times
Thu, December 09, 2010 -- 8:53 PM ET
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Obama Weighs Overhaul of Tax Code to Lower Rates and Close Loopholes
President Obama is considering whether to push early next
year for an overhaul of the income tax code to lower rates
and raise revenues in what would be his first major effort to
begin addressing the long-term growth of the national debt.
While administration officials cautioned on Thursday that no
decisions have been made and that any debate in Congress
could take years, Mr. Obama has directed his economic team
and Treasury Department analysts to review options for
closing loopholes and simplifying income taxes for
corporations and individuals, though the study of the
corporate tax system is farther along, officials said.
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